GPT GROUP - Annual Report 2014 | FinancialReports.eu

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> GPT ANNUAL RESULTPROPERTY COMPENDIUM 2014

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CONTENTS
Retail Portfolio	3
GWSCF Portfolio	12
Office Portfolio	22
GWOF Portfolio	30
Logistics Portfolio	49
GMF Portfolio	73

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GPT ANNUAL RESULTRETAIL PORTFOLIO 2014

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CASUARINA SQUARE, NORTHERN TERRITORY

Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The centre is located in the northern suburbs of Darwin, a 15 minute drive from Darwin’s Central Business District (CBD) and 20 minutes from the satellite town of Palmerston.

Servicing the local community since 1973, Casuarina Square offers customers an extensive selection of stores and services in a modern environment. The centre includes two discount department stores, two supermarkets, a variety of specialty stores and a cinema entertainment offer.

Construction works were completed late 2014 on a 303 bed student accomodation facility at Casuarina Square. The development has the full support of Charles Darwin University and will meet the strong demand for students lodging in the region. Unilodge will operate the facility.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% CO-OWNER GWSCF (50%) ACQUIRED (BY GPT) October 1973 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1973 / Refurbished 1998

Property Details

RETAIL 51,000 sqm OFFICE 100 sqm OTHER 2,500 sqm TOTAL 53,500 sqm

Centre Details

NUMBER OF TENANCIES 183 CAR PARKING SPACES 2,410 SPECIALTY EXPIRY PROFILE 2015: 33% 2016: 20% 2017: 13% BY BASE RENT RETAIL OCCUPANCY 100.0%

Current Valuation

FAIR VALUE[1] $271.7m CAPITALISATION RATE[2] 6.00% TERMINAL CAPITALISATION RATE[2] 6.25% DISCOUNT RATE[2] 8.50% VALUATION TYPE External INCOME (12 MONTHS) $15.8m

Sales Information

Sales Information
	TOTAL CENTRE	SPECIALTIES
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS	$8,582 9.8%	$11,154 15.6%
ANNUAL CENTRE TURNOVER	$399.4m

Key Tenants

Key Tenants
Kmart Big W Woolworths BCC Cinemas Coles	AREA (SQM) EXPIRY DATE
	8,390 September 2030 6,850 December 2030 5,020 June 2018 4,120 December 2018 3,750 December 2020

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
3,000 125 30%
41%
2,500 120 reduction
2,000 since 2005 20%
115
1,500
27% 110 Recycling rate of
1,000 reduction 10%
since 2005 105 23%
500
0 100 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
1. Includes retail and student accommodation.
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Retail component only.

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CHARLESTOWN SQUARE, NEW SOUTH WALES
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Charlestown Square is the largest shopping and entertainment destination in the Newcastle and Hunter region.

The centre has been servicing the local area since 1979 and provides customers with a unique retail, entertainment and community destination.

A redevelopment, completed late 2010, has added approximately 41,000 sqm and provided a new retail, entertainment and community destination for the Newcastle and Hunter Region of NSW.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) December 1977 ASSET TYPE Super Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1979 Refurbished 1989, 2011

Property Details

RETAIL 80,100 sqm OFFICE 1,700 sqm OTHER 8,400 sqm TOTAL 90,200 sqm

Centre Details

NUMBER OF TENANCIES 315 CAR PARKING SPACES 3,450 SPECIALTY EXPIRY PROFILE 2015: 34% 2016: 22% 2017: 23% BY BASE RENT RETAIL OCCUPANCY 99.2%

Current Valuation

FAIR VALUE $841.0m CAPITALISATION RATE 5.88% TERMINAL CAPITALISATION RATE 6.13% DISCOUNT RATE 8.75% VALUATION TYPE Directors INCOME (12 MONTHS) $50.5m

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,525 $9,717 11.0% 16.3% $522.0m

Key Tenants

KeyTenants
Myer Big W Target Woolworths Reading Cinemas Coles	AREA (SQM) EXPIRY DATE
	11,500 October 2035 7,750 October 2030 5,590 July 2016 4,800 August 2030 4,580 October 2025 4,320 August 2030

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,400 100 100%
1,200
80 80%
1,000
800 60 60%
600 58% 40 71% 40% Recycling rate of
400 reduction
reduction 20 since 2005 20% 84%
200 since 2005
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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DANDENONG PLAZA, VICTORIA

Dandenong Plaza is located in south-east Melbourne. The centre is the retail heart of central Dandenong, a social and economic centre of south-east metropolitan Melbourne and culturally diverse locality in Victoria. The Centre has been servicing its local region and community since 1989.

Repositioning works were completed late 2014 replacing Myer with four new mini-majors (Aldi, Trade Secret, Daiso and JB Hi-Fi).

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) December 1993 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1989 Refurbished 1995, 2014

Property Details

RETAIL 56,400 sqm OFFICE 0 sqm OTHER 700 sqm TOTAL 57,100 sqm

Current Valuation

Current Valuation
FAIR VALUE	$188.0m
CAPITALISATION RATE	8.00%
TERMINAL CAPITALISATION RATE	8.25%
DISCOUNT RATE VALUATION TYPE	9.50% External
INCOME (12 MONTHS)	$16.3m

Sales Information[1]

Sales Information1
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$4,936 $6,374 10.9% 18.0% $202.3m

Centre Details

NUMBER OF TENANCIES 192 CAR PARKING SPACES 3,248 SPECIALTY EXPIRY PROFILE 2015: 30% 2016: 20% 2017: 21% BY BASE RENT RETAIL OCCUPANCY² 99.6%

Key Tenants

Key Tenants
Target Kmart Safeway Coles Reading Cinemas Aldi	AREA (SQM) EXPIRY DATE
	6,660 July 2015 5,790 July 2027 3,890 December 2019 3,300 May 2028 2,780 August 2023 1,600 October 2024

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,400 150 50%
1,200
40%
1,000
100
30%
800
600 10% 27% 20% Recycling
400 reduction 50 reduction rate of
since 2005 since 2005 10% 46%
200
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
1. Development impacted.
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Excludes Level 4 currently under development.

HIGHPOINT SHOPPING CENTRE , VICTORIA

Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north-west of the Melbourne CBD and is one of Australia’s leading retail destinations.

Highpoint is one of the largest shopping centres in Australia and incorporates close to 500 stores including western Melbourne’s first David Jones, as well as several international retailers including Zara, Topshop, Apple and Samsung.

The centre provides a strong retail experience for customers and provides the western region of Melbourne with an extensive retail, entertainment and lifestyle offer.

KEY METRICS AS AT 31 DECEMBER 2014

General

Current Valuation

OWNERSHIP INTEREST 16.67% CO-OWNERS GWSCF (58.33%) Highpoint Property Group (25%) ACQUIRED (BY GPT) August 2009 ASSET TYPE Super Regional Centre CONSTRUCTION/REFURBISHMENT Main Centre: Completed 1975 Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990

FAIR VALUE¹ $329.1m CAPITALISATION RATE 5.25% TERMINAL CAPITALISATION RATE 5.38% DISCOUNT RATE 8.25% VALUATION TYPE Directors INCOME (12 MONTHS) $17.4m

Sales Information

Property Details

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,326 $9,771 14.2% 20.4% $893.4m

RETAIL 144,300 sqm OFFICE 1,600 sqm OTHER 6,700 sqm TOTAL 152,600 sqm

Key Tenants

Centre Details

Key Tenants
Myer David Jones Target Hoyts Big W Woolworths	AREA (SQM) EXPIRY DATE
	19,120 June 2021 14,000 March 2033 9,920 July 2015 9,030 April 2019 8,160 June 2025 4,240 October 2032

NUMBER OF TENANCIES 492 CAR PARKING SPACES 7,341 SPECIALTY EXPIRY PROFILE 2015: 16% 2016: 18% 2017: 15% BY BASE RENT RETAIL OCCUPANCY 99.8%

SUSTAINABILITY

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Operational Waste
(% reused/recycled)
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Water Intensity Emissions Intensity Operational Waste
1,200 (litres/m [2] ) 120 (kg C02-e/m [2] ) 40% (% reused/recycled)
1,000
90 30%
800
600 60 20%
40% 41% Recycling
400 reduction reduction rate of
since 2005 30 since 2005 10% 25%
200
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
7 1. Includes Homemaker City Maribyrnong.
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MELBOURNE CENTRAL, VICTORIA

Melbourne Central is a landmark office and retail property, located in the Melbourne CBD. Surrounding the historic Shot Tower, Melbourne Central features contemporary fashion retailers as well as a vibrant entertainment precinct.

With over 300 retailers, the shopping centre covers two city blocks and is conveniently located directly above the high foot traffic Melbourne Central train station.

A GPT managed retail asset, the urban shopping centre attracts a wide variety of customers including CBD workers, tourists, students and residents from the inner ring suburbs of Melbourne.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) May 1999 ASSET TYPE City Centre CONSTRUCTION/REFURBISHMENT Completed 1991 Refurbished 2005, 2011

Property Details

RETAIL 46,200 sqm OFFICE 0 sqm OTHER 6,600 sqm TOTAL 52,800 sqm

Centre Details

NUMBER OF TENANCIES 302 CAR PARKING SPACES 822 SPECIALTY EXPIRY PROFILE 2015: 31% 2016: 23% 2017: 14% BY BASE RENT RETAIL OCCUPANCY 99.4%

Current Valuation

Current Valuation
FAIR VALUE¹	$1,049.2m
CAPITALISATION RATE²	5.50%
TERMINAL CAPITALISATION RATE²	5.75%
DISCOUNT RATE²	8.50%
VALUATION TYPE	External
INCOME (12 MONTHS)	$62.1m

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER Key Tenants	TOTAL CENTRE SPECIALTIES
	$8,187 $9,823 17.7% 21.5% $402.3m
Hoyts Coles	AREA (SQM) EXPIRY DATE
	7,710 September 2020 1,310 September 2019

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,200 250 30%
200
2,000 20%
150
100 22% Recycling
1,800 reduction 10% rate of
50 since 2005 20%
1,600 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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Includes retail and car park.

Retail component only.

ROUSE HILL TOWN CENTRE, NEW SOUTH WALES

Rouse Hill Town Centre is located approximately 35km north-west of the Sydney CBD. Rouse Hill Town Centre combines the traditional values and streetscape of a contemporary market town with the latest shopping, dining and lifestyle choices, and has set a new standard for sustainable retail developments.

The centre is located along Windsor Road in the Baulkham Hills Local Government Area and features two discount department stores, two supermarkets and a cinema/entertainment precinct.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) Stage 1: September 2007 Stage 2: March 2008 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 2008

Property Details

RETAIL 62,400 sqm OFFICE 1,400 sqm OTHER 5,200 sqm TOTAL 69,000 sqm

Centre Details

NUMBER OF TENANCIES 245 CAR PARKING SPACES 2,939 SPECIALTY EXPIRY PROFILE 2015: 22% 2016: 10% 2017: 14% BY BASE RENT RETAIL OCCUPANCY 99.6%

Current Valuation

Current Valuation
FAIR VALUE	$495.0m
CAPITALISATION RATE	6.00%
TERMINAL CAPITALISATION RATE	6.25%
DISCOUNT RATE	8.75%
VALUATION TYPE	External
INCOME (12 MONTHS)	$29.7m

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,782 $7,742 9.0% 14.5% $408.9m

Key Tenants

Key Tenants
Big W Target Reading Cinemas Woolworths Coles	AREA (SQM) EXPIRY DATE
	8,560 March 2028 6,820 March 2028 5,780 April 2023 4,610 September 2027 4,120 September 2027

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 100 100%
1,200 80 80%
900 60 60%
600 40 4% 40% Recycling rate of
reduction
300 20 since 2008 20% 67%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
9
Note: This asset not operational in baseline year (2005).
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SUNSHINE PLAZA, QUEENSLAND

Sunshine Plaza is located in Maroochydore on Queensland’s Sunshine Coast. The centre includes the region’s only Myer department store, two discount department stores and two full line supermarkets. In addition, the centre has a strong entertainment, leisure and lifestyle component. Sunshine Plaza is owned jointly with Australian Prime Property Fund Retail and is managed by Lend Lease. David Jones have agreed terms to open a store at Sunshine Plaza as part of a future development of the centre.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% CO-OWNER Australian Prime Property Fund Retail (50%) ACQUIRED (BY GPT) December 1992 ASSET TYPE Major Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1994 / Refurbished 2002

Property Details

RETAIL 71,700 sqm OFFICE 200 sqm OTHER 700 sqm TOTAL 72,600 sqm

Centre Details

NUMBER OF TENANCIES 249 CAR PARKING SPACES 3,500 SPECIALTY EXPIRY PROFILE 2015: 36% 2016: 17% 2017: 14% BY BASE RENT RETAIL OCCUPANCY 99.7%

Current Valuation

Current Valuation
FAIR VALUE	$410.8m
CAPITALISATION RATE	5.75%
TERMINAL CAPITALISATION RATE	6.00%
DISCOUNT RATE	8.75%
VALUATION TYPE	Directors
INCOME (12 MONTHS)	$24.0m

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$8,298 $11,329 11.4% 18.7% $514.6m

Key Tenants

Key Tenants
Myer Target Kmart Coles BCC Cinemas Woolworths	AREA (SQM) EXPIRY DATE
	12,890 July 2024 6,900 July 2018 6,590 September 2020 5,850 February 2019 4,690 November 2022 3,880 November 2022

SUSTAINABILITY

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Operational Waste
(% reused/recycled)
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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 150 50%
120 40%
1,000
90 30%
52% 60 22% 20% Recycling
500 reduction reduction rate of
since 2005 30 since 2005 10% 46%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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WESTFIELD PENRITH, NEW SOUTH WALES

Westfield Penrith is a super-regional shopping centre located in the heart of Penrith, which is approximately a one hour drive west of the Sydney CBD. The centre includes a Myer department store, two discount department stores, a cinema complex and two supermarkets. Westfield Penrith is owned jointly with, and managed by Scentre.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% CO-OWNER Scentre Group (50%) ACQUIRED (BY GPT) June 1971 ASSET TYPE Super Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1971 / Refurbished 2005

Property Details

RETAIL 84,200 sqm OFFICE 3,900 sqm OTHER 2,900 sqm TOTAL 91,100 sqm

Centre Details

NUMBER OF TENANCIES 315 CAR PARKING SPACES 3,521 SPECIALTY EXPIRY PROFILE 2015: 22% 2016: 31% 2017: 15% BY BASE RENT RETAIL OCCUPANCY 99.9%

Current Valuation

FAIR VALUE $566.1m CAPITALISATION RATE 5.75% TERMINAL CAPITALISATION RATE 6.00% DISCOUNT RATE 8.50% VALUATION TYPE Directors INCOME (12 MONTHS) $32.8m

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$7,342 $11,302 12.3% 18.3% $598.1m

Key Tenants

Key Tenants
Myer Big W Target Hoyts Woolworths ALDI	AREA (SQM) EXPIRY DATE
	20,110 July 2033 8,740 March 2037 7,100 July 2019 4,790 April 2018 3,800 March 2032 1,620 November 2028

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SUSTAINABILITY
Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,800 150 50%
1,500 120 40%
1,200
90 30%
900
24% 60 32% 20% Recycling
600 rate of
reduction reduction
300 since 2005 30 since 2005 10% 45%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWSCF PORTFOLIO

CASUARINA SQUARE, NORTHERN TERRITORY

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% CO-OWNER GPT (50%) ACQUIRED (BY GWSCF) June 2012 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1973 / Refurbished 1998

Current Valuation

FAIR VALUE[1] $271.7m CAPITALISATION RATE[2] 6.00% TERMINAL 6.25% CAPITALISATION RATE[2] DISCOUNT RATE[2] 8.50% VALUATION TYPE External

Property Details

RETAIL 51,000 sqm OFFICE 100 sqm OTHER 2,500 sqm TOTAL 53,500 sqm

Centre Details

NUMBER OF TENANCIES 183 CAR PARKING SPACES 2,410 SPECIALTY EXPIRY PROFILE 2015: 33% 2016: 20% 2017: 13% BY BASE RENT RETAIL OCCUPANCY 100.0%

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$8,582 $11,154 9.8% 15.6% $399.4m

Key Tenants

Key Tenants
Kmart Big W Woolworths BCC Cinemas Coles	AREA (SQM) EXPIRY DATE
	8,390 September 2030 6,850 December 2030 5,020 June 2018 4,120 December 2018 3,750 December 2020

SUSTAINABILITY

Operational Waste (% reused/recycled)

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Includes retail and student accommodation.

Retail component only.

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GWSCF PORTFOLIO
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CHIRNSIDE PARK, VICTORIA

Chirnside Park is a regional shopping centre that has been servicing the community of outer eastern Melbourne since 1979. The centre offers customers an extensive selection of stores, with a strong focus on convenience and value-driven fresh food.

Situated approximately 30 kilometres north-east of the Melbourne CBD, Chirnside Park incorporates two discount department stores, three supermarkets, approximately 120 specialty stores and a state of the art eight-screen Reading Cinema. The centre provides an excellent convenience offer in the north-eastern region of Melbourne.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1979 Refurbished 1999, 2002

Property Details

RETAIL 36,000 sqm OFFICE 0 sqm OTHER 1,900 sqm TOTAL 37,900 sqm

Centre Details

NUMBER OF TENANCIES 115 CAR PARKING SPACES 2,045 SPECIALTY EXPIRY PROFILE 2015: 29% 2016: 20% 2017: 11% BY BASE RENT RETAIL OCCUPANCY 99.9%

Current Valuation

FAIR VALUE $237.2m CAPITALISATION RATE 6.75% TERMINAL CAPITALISATION RATE 7.00% DISCOUNT RATE 8.75% VALUATION TYPE Directors

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$7,582 $10,800 8.1% 16.2% $254.7m

Key Tenants

Key Tenants
Kmart Target Woolworths Reading Cinemas Coles ALDI	AREA (SQM) EXPIRY DATE
	8,250 June 2028 4,770 July 2018 4,180 September 2019 3,500 May 2016 3,290 September 2024 1,370 April 2018

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 80 40%
800
60 30%
600
40 20%
400 29% 37% Recycling
reduction reduction rate of
200 since 2005 20 since 2005 10% 29%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWSCF PORTFOLIO

FORESTWAY SHOPPING CENTRE, NEW SOUTH WALES

Forestway Shopping Centre is a convenience based shopping centre situated in an affluent market in the suburb of Frenchs Forest, approximately 13 kilometres north of the Sydney CBD. The centre is highly productive and includes two supermarkets and a strong service offer.

Forestway Shopping Centre has been servicing the local community since 1964 and offers customers an extensive selection of stores and services. With a long standing association with the community, the centre continues to evolve to meet the needs of the area.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Neighbourhood Centre CONSTRUCTION/REFURBISHMENT Completed 1964 / Refurbished 2004

Property Details

RETAIL 8,100 sqm OFFICE 900 sqm OTHER 600 sqm TOTAL 9,600 sqm

Centre Details

NUMBER OF TENANCIES 53 CAR PARKING SPACES 437 SPECIALTY EXPIRY PROFILE 2015: 5% 2016: 15% 2017: 9% BY BASE RENT RETAIL OCCUPANCY 100%

Current Valuation

Current Valuation
FAIR VALUE	$94.0m
CAPITALISATION RATE	6.75%
TERMINAL CAPITALISATION RATE	7.00%
DISCOUNT RATE	8.50%
VALUATION TYPE	External

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$16,694 $10,404 6.4% 15.8% $100.2m

Key Tenants

Key Tenants
Woolworths ALDI	AREA (SQM) EXPIRY DATE
	2,660 November 2028 1,250 March 2023

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,500 150 50%
2,000 120 40%
1,500 90 30%
1,000 6% 60 40% 20% Recycling
rate of
reduction reduction
500 since 2005 30 since 2005 10% 28%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWSCF PORTFOLIO

HIGHPOINT SHOPPING CENTRE , VICTORIA

Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north-west of the Melbourne CBD and is one of Australia’s leading retail destinations.

The centre provides a strong retail experience for customers and provides the western region of Melbourne with an extensive retail, entertainment and lifestyle offer.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 58.33% CO-OWNERS GPT (16.67%) Highpoint Property Group (25%) ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Super Regional Centre CONSTRUCTION/REFURBISHMENT Main Centre: Completed 1975 Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990

Property Details

RETAIL 144,300 sqm OFFICE 1,600 sqm OTHER 6,700 sqm TOTAL 152,600 sqm

Centre Details

NUMBER OF TENANCIES 492 CAR PARKING SPACES 7,341 SPECIALTY EXPIRY PROFILE 2015: 16% 2016: 18% 2017: 15% BY BASE RENT RETAIL OCCUPANCY 99.8%

SUSTAINABILITY

Current Valuation

Current Valuation
FAIR VALUE¹	$1,151.5m
CAPITALISATION RATE	5.25%
TERMINAL CAPITALISATION RATE	5.38%
DISCOUNT RATE	8.25%
VALUATION TYPE	Directors

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,326 $9,771 14.2% 20.4% $893.4m

Key Tenants

Key Tenants
Myer David Jones Target Hoyts Big W Woolworths	AREA (SQM) EXPIRY DATE
	19,120 June 2021 14,000 March 2033 9,920 July 2015 9,030 April 2019 8,160 June 2025 4,240 October 2032

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Water Intensity Emissions Intensity Operational Waste
1,200 (litres/m [2] ) 150 (kg C02-e/m [2] ) 40% (% reused/recycled)
1,000
30%
800 100
600 20%
40% 41% Recycling
400 reduction 50 reduction rate of
since 2005 since 2005 10% 25%
200
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
15
1. Includes Homemaker City Maribyrnong.
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GWSCF PORTFOLIO
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MACARTHUR SQUARE, NEW SOUTH WALES

Macarthur Square is located in Campbelltown, 50 kilometres south-west of the Sydney CBD, in an area of strong population growth. As the only regional centre in its trade area, the centre provides customers with a unique retail, entertainment and community destination. The centre includes a department store, two discount department stores, two supermarkets, a variety of specialty stores and a cinema entertainment offer.

Macarthur Square is jointly owned with Australian Prime Property Fund Retail and is managed by Lend Lease.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% CO-OWNER Australian Prime Property Fund Retail (50%) ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Major Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1979 / Refurbished 2006

Property Details

RETAIL 82,400 sqm OFFICE 2,400 sqm OTHER 9,700 sqm TOTAL 94,600 sqm

Centre Details

NUMBER OF TENANCIES 303 CAR PARKING SPACES 3,600 SPECIALTY EXPIRY PROFILE 2015: 26% 2016: 24% 2017: 18% BY BASE RENT RETAIL OCCUPANCY 100%

Current Valuation

Current Valuation
FAIR VALUE	$409.1m
CAPITALISATION RATE	6.25%
TERMINAL CAPITALISATION RATE	6.50%
DISCOUNT RATE	8.75%
VALUATION TYPE	Directors

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,255 $9,395 11.3% 17.4% $554.3m

Key Tenants

Key Tenants
David Jones Big W Event Cinemas Target Woolworths Coles	AREA (SQM) EXPIRY DATE
	12,240 April 2017 8,790 September 2019 6,090 March 2021 4,550 April 2016 4,190 November 2015 3,760 November 2020

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 120 60%
1,250 100 50%
1,000 80 40%
750 60 30%
24% 39% Recycling
500 reduction 40 reduction 20% rate of
250 since 2005 20 since 2005 10% 37%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWSCF PORTFOLIO

NORTHLAND SHOPPING CENTRE, VICTORIA

Northland Shopping Centre is located in East Preston, approximately 11 kilometres north of Melbourne’s CBD.

The centre includes a department store, two discount department stores, three supermarkets and a cinema entertainment offer. The trade area in which the centre is located is supported by strong demographic trends including above average household income levels and continued infill and high density development which will drive future population growth.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% CO-OWNER Novion Property Group (50%) ACQUIRED (BY GWSCF) May 2014 ASSET TYPE Super Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1966 Last refurbished 2009

Property Details

RETAIL 91,600 sqm OFFICE 1,200 sqm OTHER 3,800 sqm TOTAL 96,600 sqm

Centre Details

NUMBER OF TENANCIES 322 CAR PARKING SPACES 4,690 SPECIALTY EXPIRY PROFILE 2015: 34% 2016: 28% 2017: 10% BY BASE RENT RETAIL OCCUPANCY 99.9%

Current Valuation

FAIR VALUE $503.8m CAPITALISATION RATE 5.75% TERMINAL CAPITALISATION RATE 5.88% DISCOUNT RATE 8.50% VALUATION TYPE Directors

Sales Information

TOTAL CENTRE SPECIALTIES SALES TURNOVER $5,805 $8,202 PER SQUARE METRE OCCUPANCY COSTS 13.7% 21.2% ANNUAL CENTRE TURNOVER $510.9m

Key Tenants

AREA (SQM) EXPIRY DATE Myer 18,510 June 2028 Target 6,890 November 2024 Kmart 6,500 March 2024 Hoyts 6,180 December 2017 Coles 4,220 December 2023 Woolworths 4,030 July 2019 Aldi 1,500 November 2024

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GWSCF PORTFOLIO
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NORTON PLAZA, NEW SOUTH WALES

Norton Plaza is located in Leichhardt, six kilometres west of Sydney and is a high performing neighbourhood shopping centre anchored by a full line Coles supermarket and Norton Street Grocer.

The centre is located on Norton Street and embodies the European flavour of Leichhardt and the community’s appreciation for the best in food, quality products and outstanding service.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Neighbourhood Centre CONSTRUCTION/REFURBISHMENT Completed late 1990s and 2000

Current Valuation

FAIR VALUE $114.1m CAPITALISATION RATE 6.75% TERMINAL CAPITALISATION RATE 7.00% DISCOUNT RATE 8.75% VALUATION TYPE Directors

Property Details

RETAIL 9,500 sqm OFFICE 800 sqm OTHER 1,500 sqm TOTAL 11,800 sqm

Centre Details

NUMBER OF TENANCIES 49 CAR PARKING SPACES 485 SPECIALTY EXPIRY PROFILE 2015: 18% 2016: 18% 2017: 12% BY BASE RENT RETAIL OCCUPANCY 100%

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$14,075 $11,684 6.2% 13.3% $120.6m

Key Tenants

Key Tenants
Coles	AREA (SQM) EXPIRY DATE
	3,770 November 2019

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SUSTAINABILITY
Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,000 150 50%
120 40%
1,500
90 30%
1,000
31% 60 36% 20%
Recycling
reduction reduction rate of
500
since 2007 30 since 2007 10% 42%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWSCF PORTFOLIO

PARKMORE SHOPPING CENTRE, VICTORIA

Parkmore Shopping Centre is a regional shopping centre offering an extensive selection of stores and services in a modern and convenient environment. The centre is located approximately 35 kilometres from the Melbourne CBD, in the suburb of Keysborough and has been servicing the eastern suburbs of Melbourne since 1973.

Parkmore Shopping Centre incorporates two discount department stores and two supermarkets as well as a strong convenience and service offering, with approximately 130 stores.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1973 Refurbished 1995, 2007 Property Details RETAIL 36,700 sqm OFFICE 0 sqm OTHER 200 sqm TOTAL 36,800 sqm

Centre Details

NUMBER OF TENANCIES 129 CAR PARKING SPACES 2,630 SPECIALTY EXPIRY PROFILE 2015: 22% 2016: 26% 2017: 21% BY BASE RENT RETAIL OCCUPANCY 99.7%

Current Valuation

Current Valuation
FAIR VALUE	$231.0m
CAPITALISATION RATE	6.75%
TERMINAL CAPITALISATION RATE	7.00%
DISCOUNT RATE	8.75%
VALUATION TYPE	External

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$7,107 $8,340 8.0% 15.4% $245.3m

Key Tenants

Key Tenants
Kmart Big W Coles Woolworths	AREA (SQM) EXPIRY DATE
	8,390 September 2017 6,670 November 2015 3,850 August 2024 3,490 July 2027

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SUSTAINABILITY
Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 120 60%
50%
800
90
40%
600
60 30%
400 6% 15% Recycling
reduction reduction 20% rate of
200 since 2005 30 since 2005 10% 43%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWSCF PORTFOLIO

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WESTFIELD WODEN, AUSTRALIAN CAPITAL TERRITORY
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Westfield Woden is one of the largest shopping, leisure and lifestyle destinations in Canberra, and is approximately a 10 minute drive south of the CBD.

The centre includes a strong retail offer, with a department store, discount department store and two supermarkets, as well as a cinema complex and over 200 specialty retailers. Westfield Woden is owned jointly with, and managed by Scentre.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% CO-OWNER Scentre Group (50%) ACQUIRED (BY GWSCF) June 2012 ASSET TYPE Major Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1972 / Refurbished 2000

Current Valuation

FAIR VALUE $315.7m CAPITALISATION RATE 6.25% TERMINAL CAPITALISATION RATE 6.50% DISCOUNT RATE 8.75% VALUATION TYPE Directors

Property Details

RETAIL 64,800 sqm OFFICE 6,600 sqm OTHER 900 sqm TOTAL 72,300 sqm

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,006 $8,411 12.1% 20.2% $362.5m

Centre Details

NUMBER OF TENANCIES 232 CAR PARKING SPACES 2,700 SPECIALTY EXPIRY PROFILE 2015: 28% 2016: 17% 2017: 16% BY BASE RENT RETAIL OCCUPANCY 99.7%

Key Tenants

Key Tenants
David Jones Big W Woolworths Hoyts Coles	AREA (SQM) EXPIRY DATE
	13,630 March 2030 8,490 August 2019 4,080 March 2019 3,780 June 2020 3,400 March 2024

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 120 40%
1,400
90 30%
1,300
60 20%
1,200 25% 33% Recycling
rate of
reduction reduction
1,100 since 2005 30 since 2005 10% 33%
1,000 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWSCF PORTFOLIO
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WOLLONGONG CENTRAL, NEW SOUTH WALES

Wollongong Central is located in the CBD of Wollongong, approximately 90 kilometres south of Sydney.

The Wollongong Central expansion officially opened in October 2014. The 18,000 sqm expansion delivers a unique retail experience including approximately 75 additional specialty stores, a new Coles supermarket, a new Target discount department store and over 650 car spaces.

The expansion also provides Wollongong with a fresh, fast and casual dining feature which includes a city-central food offer and food court.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GWSCF) March 2007 ASSET TYPE City Centre CONSTRUCTION/REFURBISHMENT Completed 1975 Refurbished 1985, 2009, 2014

Property Details

RETAIL 50,300 sqm OFFICE 3,000 sqm OTHER 2,900 sqm TOTAL 56,200 sqm

Centre Details

NUMBER OF TENANCIES 230 CAR PARKING SPACES 2,100 SPECIALTY EXPIRY PROFILE 2015: 29% 2016: 18% 2017: 6% BY BASE RENT RETAIL OCCUPANCY 96.3%

Current Valuation

Current Valuation
FAIR VALUE1	$490.4m
CAPITALISATION RATE	6.25%
TERMINAL CAPITALISATION RATE	6.50%
DISCOUNT RATE	8.50%
VALUATION TYPE	Directors

Sales Information[2]

Sales Information2
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$5,406 $8,881 13.7% 18.2% $181.7m

Key Tenants

OCCUPANCY COSTS ANNUAL CENTRE TURNOVER Key Tenants	13.7% 18.2% $181.7m
Myer Target Coles David Jones	AREA (SQM) EXPIRY DATE
	12,140 October 2016 2,650 October 2024 4,100 October 2034 1,840 October 2015

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 100 50%
800 80 40%
600 60 30%
400 72% 40 52% 20% Recycling
reduction rate of
reduction
since 2005
200 since 2005 20 10% 49%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
21 1. Includes ancillary properties.
2. Development impacted.
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GPT ANNUAL RESULTOFFICE PORTFOLIO 2014

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AUSTRALIA SQUARE, 264 GEORGE STREET, SYDNEY

One of the most iconic prime office properties, Australia Square is situated in the core of Sydney’s CBD, spanning George Street, Bond Street, Pitt Street and Curtin Place. The complex comprises the 48 level circular tower building, the adjacent 13 level plaza building, the OBar revolving restaurant, a substantial car park, and external plaza courtyard.

The Tower at Australia Square has achieved a 4.0 star NABERS Energy rating and a 3.0 star NABERS Water rating, with the Plaza achieving a 5.5 star NABERS Energy rating and a 4.0 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GPT CO-OWNER Dexus Property Group (50%) ACQUIRED (BY GPT) September 1981 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1967 / Refurbished 2004

Property Details

OFFICE 51,400 sqm RETAIL 1,600 sqm CAR PARKING SPACES 385 TYPICAL FLOOR PLATE 1,030 sqm

Office Tenant Details

NUMBER OF TENANCIES 61 (Tower) / 13 (Plaza) WALE (BY INCOME) 5.1 years

Current Valuation

Current Valuation
FAIR VALUE	$327.0m
CAPITALISATION RATE	6.50%
TERMINAL CAPITALISATION RATE	6.63%
DISCOUNT RATE	8.50%
VALUATION TYPE	Directors
INCOME (12 MONTHS)	$20.5m
Office Occupancy
ACTUAL	92.0%
INCLUDING SIGNED LEASES	97.1%
INCLUDING HEADS OF AGREEMENT	97.6%

Key Tenants

Key Tenants
HWL Ebsworth Origin Energy	AREA (SQM) EXPIRY DATE
	6,200 September 2026 5,150 August 2019

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 110 100% 2015 8%
2016 3%
800 100 80% 2017 12%
2018 21%
600 90 60% 2019 17%
2020 14%
400 28% 80 40% Recycling 2021 8%
reduction 35% rate of 2022 1%
reduction
200 since 2005 70 20% 63% 2023 2%
since 2005
2024 3%
0 60 0% 2025+ 11%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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CITIGROUP CENTRE, 2 PARK STREET, SYDNEY

The Citigroup Centre at 2 Park Street is a landmark Premium Grade office building located on the corner of George and Park Streets, Sydney. Completed in 2000, the 47 level building has large, highly efficient floor plates and upper levels that command panoramic city and harbour views. The asset features a four level retail podium connected to Town Hall Station, offering easy access to public transport to all areas of the Sydney CBD.

Citigroup Centre has achieved a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GPT CO-OWNER Charter Hall Office Trust (50%) ACQUIRED (BY GPT) December 2001 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 2000

Property Details

Property Details
OFFICE	73,200 sqm
RETAIL	500 sqm
CAR PARKING SPACES	284
TYPICAL FLOOR PLATE	1,770 sqm
Office Tenant Details
NUMBER OF TENANCIES	35
WALE (BY INCOME)	6.5 years

Current Valuation

Current Valuation
FAIR VALUE	$432.5m
CAPITALISATION RATE	6.25%
TERMINAL CAPITALISATION RATE	6.50%
DISCOUNT RATE	8.00%
VALUATION TYPE	External
INCOME (12 MONTHS)	$26.7m

Office Occupancy

Office Occupancy
ACTUAL	89.5%
INCLUDING SIGNED LEASES	89.7%
INCLUDING HEADS OF AGREEMENT	90.5%

Key Tenants

Key Tenants
Citibank Limited Gilbert + Tobin	AREA (SQM) EXPIRY DATE
	15,030 July 2024 9,280 June 2016

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
800 100 100% 2015 0%
2016 18%
90 80% 2017 8%
700
2018 1%
80 60% 2019 8%
600 2020 10%
63% 70 47% 40% Recycling 2021 11%
reduction reduction rate of 2022 6%
500
since 2005 60 since 2005 20% 82% 2023
2024 27%
400 50 0% 2025+ 10%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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MLC CENTRE, 19 MARTIN PLACE, SYDNEY

The MLC centre dominates the Sydney skyline, and is located in the core of the Sydney CBD, bordered by Martin Place, Castlereagh and King Streets. The centre is in the heart of Sydney’s commercial, legal and financial district and comprises a 67 level tower, an extensive retail complex, expansive outdoor areas, car parking and the Theatre Royal. The retail precinct includes a dominant food court and a number of international fashion brands.

The MLC Centre has achieved a 5.0 star NABERS Energy rating and a 4.0 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GPT CO-OWNER QIC (50%) ACQUIRED (BY GPT) April 1987 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1978 Refurbished late 1990s

Property Details

OFFICE 67,900 sqm RETAIL 5,200 sqm CAR PARKING SPACES 297 TYPICAL FLOOR PLATE 1,250 sqm Office Tenant Details NUMBER OF TENANCIES 35 WALE (BY INCOME) 6.7 years

Current Valuation

Current Valuation
FAIR VALUE	$383.2m
CAPITALISATION RATE	6.75%
TERMINAL CAPITALISATION RATE	6.88%
DISCOUNT RATE	8.50%
VALUATION TYPE	Directors
INCOME (12 MONTHS)	$19.9m
Office Occupancy
ACTUAL	64.1%
INCLUDING SIGNED LEASES	70.2%
INCLUDING HEADS OF AGREEMENT	85.5%

Key Tenants

Key Tenants
Government - NSW Tresscox Lawyers	AREA (SQM) EXPIRY DATE
	5,000 March 2016 4,140 August 2022

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 120 100% 2015 2%
2016 7%
100
800 80% 2017 8%
2018 5%
80
600 60% 2019 10%
60 2020 12%
400 76% 48% 40% Recycling 2021 12%
reduction 40 reduction rate of 2022 7%
since 2005 since 2005 2023 9%
200 20%
20
2024 15%
2025 14%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
73%
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GOVERNOR PHILLIP & GOVERNOR MACQUARIE TOWERS, 1 FARRER PLACE, SYDNEY
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1 Farrer Place is regarded as Sydney’s pre-eminent office building with expansive harbour views. The complex consists of 86,200 sqm of Premium Grade accommodation comprising Governor Phillip tower, a 64 level office building; Governor Macquarie Tower, a 41 level office building; Phillip Street Terraces, being five restored historic terraces; and nine levels of basement car parking for over 650 cars.

Governor Macquarie Tower has achieved a 4.0 star NABERS Energy rating and a 3.5 star NABERS Water rating. Governor Phillip Tower has achieved a 4.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 25% GPT CO-OWNERS Dexus Property Group (50%) APPF Commercial (25%) ACQUIRED (BY GPT) December 2003 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 1993 / 1994

Property Details

OFFICE 85,900 sqm RETAIL 300 sqm CAR PARKING SPACES 654 TYPICAL FLOOR PLATE GPT: 1,450 sqm GMT: 1,200 sqm Office Tenant Details NUMBER OF TENANCIES 31 WALE (BY INCOME) 6.8 years

Current Valuation

FAIR VALUE $340.4m CAPITALISATION RATE 6.00% TERMINAL CAPITALISATION RATE 6.13% DISCOUNT RATE 8.25% VALUATION TYPE Directors INCOME (12 MONTHS) $21.6m

Office Occupancy

ACTUAL 60.4% INCLUDING SIGNED LEASES 75.7% INCLUDING HEADS OF AGREEMENT 76.8%

Key Tenants

AREA (SQM) EXPIRY DATE King & Wood Mallesons 10,390 September 2026 Bank of America Merrill Lynch 5,180 August 2022

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 140 100% 2015 11%
2016 10%
120
800 80% 2017 8%
100 2018 8%
600 60% 2019 3%
80
2020
400 35% 60 48% 40% Recycling 2021 3%
reduction 40 reduction rate of 2022 20%
200 since 2005 20 since 2005 20% 64% 20232024 1%
0 0 0% 2025 36%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
26 Note: Change in recycling measure due to improved reporting by external manager.
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MELBOURNE CENTRAL TOWER, 360 ELIZABETH STREET, MELBOURNE

Melbourne Central is a landmark office and retail property located in the Melbourne CBD. Melbourne Central Tower is a 51 level, Premium Grade office tower located adjacent to Melbourne Central’s retail component. Completed in 1991, the Tower is dominant in the Melbourne skyline with no competing buildings to the north or south and all surrounding buildings of a low-rise height. The asset is occupied by blue chip, banking and Government tenants.

The building has a 4.5 star NABERS Energy rating and a 3.0 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% GPT ACQUIRED (BY GPT) May 1999 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 1991

Property Details

OFFICE 65,700 sqm RETAIL n/a CAR PARKING SPACES n/a TYPICAL FLOOR PLATE 1,530 sqm Office Tenant Details NUMBER OF TENANCIES 16 WALE (BY INCOME) 4.6 years

Current Valuation

Current Valuation
FAIR VALUE	$427.0m
CAPITALISATION RATE	6.38%
TERMINAL CAPITALISATION RATE	6.63%
DISCOUNT RATE	8.25%
VALUATION TYPE	External
INCOME (12 MONTHS)	$25.9m

Office Occupancy

Office Occupancy
ACTUAL	86.6%
INCLUDING SIGNED LEASES	89.6%
INCLUDING HEADS OF AGREEMENT	94.1%

Key Tenants

Key Tenants
Members Equity Bank NBN Co	AREA (SQM) EXPIRY DATE
	12,200 January 2021 9,260 December 2017/ Febuary 2020

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 80 100% 2015 1%
2016 14%
800 80% 2017 22%
60
2018 11%
600 60% 2019 5%
40 2020 6%
400 36% 48% 40% Recycling 2021 31%
reduction rate of 2022
reduction 20
200 since 2005 20% 2023 7%
since 2005 41%
2024 3%
0 0 0% 2025+
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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CBW, CORNER OF BOURKE & WILLIAM STREETS, MELBOURNE
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CBW is an A Grade office complex located in the core of Melbourne’s CBD and comprises a mixed use development incorporating 181 William Street, 550 Bourke Street and Goldsbrough Lane.

181 William Street comprises a 26 level office tower which occupies a prominent position on the north west corner of William Street and Bourke Street. 550 Bourke Street comprises a 19 level office tower located west of 181 William Street and borders Ramsay Lane. Goldsbrough Lane is the retail precinct of the complex and comprises an undercover retail plaza and pathway which provides pedestrian access between the two office towers.

CBW has achieved a 5.0 star NABERS Energy rating, a 5.0 star GreenStar rating and a 4.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GPT CO-OWNER GWOF (50%) ACQUIRED (BY GPT) October 2014 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2009

Property Details

OFFICE 76,100 sqm RETAIL 5,300 sqm CAR PARKING SPACES 413 181 William Street: 1,920 sqm TYPICAL FLOOR PLATE 550 Bourke Street: 1,510 sqm

Current Valuation

	Current Valuation
	FAIR VALUE	$304.7m
	CAPITALISATION RATE	6.50%
	TERMINAL CAPITALISATION RATE	6.75%
	DISCOUNT RATE	8.50%
	VALUATION TYPE	External
	INCOME (SINCE ACQUISITION)	$4.5m
	Office Occupancy
	ACTUAL	100.0%
	INCLUDING SIGNED LEASES	100.0%
	INCLUDING HEADS OF AGREEMENT	100.0%

Office Tenant Details

NUMBER OF TENANCIES 14 WALE (BY INCOME) 5.1 years

Key Tenants

Key Tenants
IAG Deloitte	AREA (SQM) EXPIRY DATE
	28,520 June 2020 19,610 March 2015 / May 2020

LEASE EXPIRY PROFILE

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By Income 2015 5% 2016 2% 2017 5% 2018 2019 10% 2020 59% 2021 18% 2022 2023 2024 2025+

ONE ONE ONE EAGLE STREET, BRISBANE

One One One Eagle Street is a Premium Grade 64,000 sqm, 54 level office tower in Brisbane’s prime commercial ‘Golden Triangle’ precinct. The recently developed tower is designed to take advantage of the outstanding location and Brisbane River views.

The building has achieved the highest rating available, a 6 star Green Star Design rating from the Green Building Council of Australia. One One One Eagle Street has also achieved a 5.5 star NABERS Energy rating and 4.5 Star NABERS Water Rating. Featuring the latest Tri-generation technology, the building can generate its own power, reducing peak demand on energy supply and lowering greenhouse gas emissions.

KEY METRICS AS AT 31 DECEMBER 2014

General

General
OWNERSHIP INTEREST	33% GPT
CO-OWNERS	GWOF (33%)
	Third Party Investor (33%)
ACQUIRED (BY GPT)	October 2008
ASSET QUALITY	Premium Grade
CONSTRUCTION/REFURBISHMENT	Completed 2012

Property Details

Property Details
OFFICE	63,800 sqm
RETAIL	400 sqm
CAR PARKING SPACES	115
TYPICAL FLOOR PLATE	1,450 sqm

Current Valuation

Current Valuation
FAIR VALUE	$246.7m
CAPITALISATION RATE	6.25%
TERMINAL CAPITALISATION RATE	6.38%
DISCOUNT RATE	8.00%
VALUATION TYPE	External
INCOME (12 MONTHS)	$13.7m

Office Occupancy

Office Occupancy
ACTUAL	94.4%
INCLUDING SIGNED LEASES	96.1%
INCLUDING HEADS OF AGREEMENT	96.1%

Office Tenant Details

Office Tenant Details
NUMBER OF TENANCIES	14
WALE (BY INCOME)	8.9 years

Key Tenants

Key Tenants
Arrow Energy EY	AREA (SQM) EXPIRY DATE
	14,800 February 2021 9,000 June 2024

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
600700 6060 100%50% 2015
600 50 2016
80%40% 2017 1%
500
400 4040 2018
400 60%30% 2019 5%
300 30 Recycling 2020 3%
81% 76% 40%20% Recyclingrate of 2021 29%
200200 reduction 2020 reduction rate of 2022 6%
100 since 2005 10 since 2005 20%10% 43%45% 2023
2024 26%
00 00 0%0 2025+ 31%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: This asset not operational in baseline year (2005).

GWOF PORTFOLIO

LIBERTY PLACE, 161 CASTLEREAGH STREET, SYDNEY

Liberty Place is a new Premium Grade office complex in the heart of the Sydney CBD comprising ANZ Tower, Legion House, 167 Castlereagh Street, an outdoor retail plaza and a car park. The 42 level ANZ Tower features unrivalled harbour and city views and incorporates a dual street frontage, connecting Castlereagh and Pitt Streets.

The asset has achieved a 6 star Green Star rating for Office Design and has a 5.0 star NABERS Energy rating. Liberty Place has been awarded the Heritage Award at the 2013 API NSW Excellence in Property Awards and in 2014 was awarded ‘Best Building’ in the Office category at the World Architecture Festival in Singapore.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNERS LaSalle Investment Management (25%) ISPT (25%) ACQUIRED (BY GWOF) April 2010 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 2013

Current Valuation

FAIR VALUE $480.0m CAPITALISATION RATE 5.75% TERMINAL CAPITALISATION RATE 6.00% DISCOUNT RATE 7.75% VALUATION TYPE External

Property Details

OFFICE 56,400 sqm RETAIL 2,900 sqm CAR PARKING SPACES 143 TYPICAL FLOOR PLATE 1,625 sqm

Office Occupancy

Office Occupancy
ACTUAL	100.0%1
INCLUDING SIGNED LEASES	100.0%1
INCLUDING HEADS OF AGREEMENT	100.0%1

Office Tenant Details

NUMBER OF TENANCIES 7 WALE (BY INCOME) 10.4 years[1 ]

Key Tenants

Key Tenants
ANZ Banking Group Herbert Smith Freehills	AREA (SQM) EXPIRY DATE
	28,400 June 2028 19,970 June 2023

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 100 100% 2015 4%
2016 0%
800 80 80% 2017
2018 0%
600 60 60% 2019 0%
Recycling 2020
400 40 40% rate of 2021
200 20 20% 57% 20222023 52%
2024 45%
0 0 0% 2025+ 44%
30 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2008 2009 2010 2011
Note: This asset not operational in baseline year (2005).
1. Includes rental guarantee.
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GWOF PORTFOLIO

DARLING PARK 1 & 2 AND COCKLE BAY WHARF, 201 SUSSEX STREET, SYDNEY

Darling Park is a landmark commercial and retail complex located in Sydney’s popular Darling Harbour precinct. The site comprises three Premium Grade office buildings and a retail and entertainment complex, known as Cockle Bay Wharf.

The towers and Cockle Bay Wharf are connected by plazas, galleries and business lounges. Darling Park provides its tenants with a complete environment, including the crescent gardens, waterfront restaurants and cafes, and large, efficient, column-free floor plates with expansive water views.

Darling Park Tower 1 has achieved a 5.0 star NABERS Energy rating and 3.0 star NABERS Water rating, with Darling Park Tower 2 achieving a 5.5 star NABERS Energy rating and 3.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNERS AMP Capital Investors (20%) Brookfield (30%) ACQUIRED (BY GWOF) July 2006 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Tower 1: Completed 1994 Tower 2: Completed 1999

Property Details

OFFICE 101,800 sqm RETAIL 9,700 sqm CAR PARKING SPACES 691 TYPICAL FLOOR PLATE 1,900 sqm

Office Tenant Details

NUMBER OF TENANCIES 8 WALE (BY INCOME) 8.7 years[1]

Current Valuation

FAIR VALUE $655.0m CAPITALISATION RATE Office: 5.85%-6.32% Retail: 6.56% TERMINAL CAPITALISATION RATE Office: 6.22%-6.45% Retail: 6.81% DISCOUNT RATE Office: 7.75%-8.25% Retail: 8.50% VALUATION TYPE External Office Occupancy ACTUAL 100.0% INCLUDING SIGNED LEASES 100.0% INCLUDING HEADS OF AGREEMENT 100.0%

Key Tenants

AREA (SQM) EXPIRY DATE December 2020 / Commonwealth Bank Of Australia 54,060 2021 / 2022 PwC 36,420 December 2015

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SUSTAINABILITY LEASE EXPIRY PROFILE
Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 100 100% 2015 20%
2016 2%
800 80 80% 2017 88%
2018
600 60 60% 2019 12%
2020 34% 6%
400 40% 40 40% 2021 33%
reduction 57% Recyclingrate of 2022 34%
200 since 2005 20 reduction 20% 2023 34%
since 2005 56% 2024 34%
2025+ 60% [1]
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 DP 1 DP2 31
1. The future IAG lease has been included in the lease expiry profile.
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GWOF PORTFOLIO
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DARLING PARK 3, 201 SUSSEX STREET, SYDNEY

The Premium Grade Darling Park 3, the third stage of the Darling Park complex, was completed in November 2005. The 18 level building was the first office tower to be rated a 5.0 star Base Building under the NABERS Energy ratings, the highest rating available at the time.

Since 2011, Tower 3 has achieved and maintained a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2006 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 2005

Current Valuation

Current Valuation
FAIR VALUE	$295.0m
CAPITALISATION RATE	6.32%
TERMINAL CAPITALISATION RATE	6.57%
DISCOUNT RATE	8.25%
VALUATION TYPE	External

Property Details

OFFICE 29,800 sqm RETAIL 20 sqm CAR PARKING SPACES 160 TYPICAL FLOOR PLATE 1,500 sqm

Office Occupancy

Office Occupancy
ACTUAL	100.0%
INCLUDING SIGNED LEASES	100.0%
INCLUDING HEADS OF AGREEMENT	100.0%

Office Tenant Details

NUMBER OF TENANCIES 3 WALE (BY INCOME) 4.9 years

Key Tenants

Key Tenants
Marsh & McLennan Companies RaboBank	AREA (SQM) EXPIRY DATE
	17,780 November 2016 9,060 June 2026

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SUSTAINABILITY LEASE EXPIRY PROFILE
Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 80 100% 2015
2016 69%
800 80% 2017
60 70%
2018
600 60% 2019
40 2020
400 40% Recycling 2021
rate of 2022
200 20 20% 80% 2023
2024
0 0 0% 2025+ 31%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
Note: This asset not operational in baseline year (2005).
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LEASE EXPIRY PROFILE

GWOF PORTFOLIO

HSBC CENTRE, 580 GEORGE STREET, SYDNEY

HSBC Centre comprises a Prime Grade office and retail asset prominently located in the midtown precinct of the Sydney CBD. The building comprises 33 office levels and a retail precinct which is linked by a pedestrian underpass to Town Hall railway station. A $25 million refurbishment has commenced to provide a dramatic new office entry area and prime George Street retail space.

HSBC Centre has achieved a 5.0 star NABERS Energy rating and a 3.0 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2006 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1988 / Refurbished 2002

Property Details

OFFICE 37,300 sqm RETAIL 4,200 sqm CAR PARKING SPACES 141 TYPICAL FLOOR PLATE 1,300 sqm

Current Valuation

Current Valuation
FAIR VALUE	$348.2m
CAPITALISATION RATE	6.88%
TERMINAL CAPITALISATION RATE	7.00%
DISCOUNT RATE	8.50%
VALUATION TYPE	Directors
Office Occupancy
ACTUAL	92.8%
INCLUDING SIGNED LEASES	92.8%
INCLUDING HEADS OF AGREEMENT	92.8%

Office Tenant Details

NUMBER OF TENANCIES 22 WALE (BY INCOME) 3.7 years

Key Tenants

Key Tenants
HSBC Bank Australia Avant Insurance	AREA (SQM) EXPIRY DATE
	10,680 December 2020 3,810 May 2016

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 150 100% 2015 11%
2016 17%
1,200 120 80% 2017 22%
2018 6%
900 90 60% 2019 12%
2020 30%
600 67% 60 reduction 53% 40% Recyclingrate of 20212022 29%
300 since 2005reduction 30 since 2005 20% 49% 2023
2024
2025+ 2%
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWOF PORTFOLIO

WORKPLACE[6] , 48 PIRRAMA ROAD, SYDNEY

workplace[6 ] is a waterfront Prime Grade office building achieving world leading standards in environmental design and resource efficiency. workplace[6] comprises 18,000 sqm of accommodation over six levels. The building, which was developed by GPT, was the first office development to achieve a 6 star Green Star rating for Design and also As Built in NSW. The asset features spectacular harbour views, large campus-style floor plates, two levels of basement parking with 135 car spaces and the award winning Doltone House function centre occupying the waterfront retail. workplace[6] has achieved a 5.0 star NABERS Energy rating and a 5.0 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General
OWNERSHIP INTEREST	100% GWOF
ACQUIRED (BY GWOF)	December 2007
ASSET QUALITY	A Grade
CONSTRUCTION/REFURBISHMENT	Completed 2008

Current Valuation

Current Valuation
FAIR VALUE	$180.0m
CAPITALISATION RATE	6.75%
TERMINAL CAPITALISATION RATE	7.00%
DISCOUNT RATE	8.25%
VALUATION TYPE	Directors

Property Details

OFFICE 16,300 sqm RETAIL 1,900 sqm CAR PARKING SPACES 135 TYPICAL FLOOR PLATE 3,620 sqm

Office Occupancy

Office Occupancy
ACTUAL	100.0%
INCLUDING SIGNED LEASES	100.0%
INCLUDING HEADS OF AGREEMENT	100.0%

Office Tenant Details

NUMBER OF TENANCIES 2 WALE (BY INCOME) 4.9 years

Key Tenants

Key Tenants
Google Australia Accenture	AREA (SQM) EXPIRY DATE
	9,850 December 2018 6,460 February 2021

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SUSTAINABILITY
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LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 70 80% 2015
2016
60
800 2017
60%
50 2018 60%
600 2019
40 60%
40% 2020
400 30 Recycling 2021 40%
rate of 2022
20 40%
20% 2023
200 53%
10 2024
2025+
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
34 Note: This asset not operational in the baseline year (2005).
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GWOF PORTFOLIO

THE ZENITH, 821 PACIFIC HIGHWAY, CHATSWOOD

The Zenith is the pre-eminent A Grade office complex located in the commercial heart of Chatswood CBD between the Pacific Highway and Chatswood railway station. The asset consists of two prominent office towers, connected by a multistorey glass atrium. The Zenith features large and efficient floor plates, ground floor retail space and houses the Zenith Theatre on the ground level.

The Zenith has a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNER Dexus Property Group (50%) ACQUIRED (BY GWOF) January 2007 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1987 / Refurbished 2008

Current Valuation

Current Valuation
FAIR VALUE	$129.5m
CAPITALISATION RATE	8.00%
TERMINAL CAPITALISATION RATE	8.25%
DISCOUNT RATE	8.75%
VALUATION TYPE	Directors

Property Details

OFFICE 43,400 sqm RETAIL 900 sqm CAR PARKING SPACES 799 TYPICAL FLOOR PLATE 1,100 sqm

Office Occupancy

Office Occupancy
ACTUAL	92.6%
INCLUDING SIGNED LEASES	92.6%
INCLUDING HEADS OF AGREEMENT	92.8%

Office Tenant Details

NUMBER OF TENANCIES 35 WALE (BY INCOME) 3.5 years

Key Tenants

Key Tenants
Government - NSW State Government - Federal	AREA (SQM) EXPIRY DATE
	15,210 August 2016 / March 2018 / January 2020 4,230 May 2022

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,250 150 70% 2015 9%
2016 5%
1,000 59% 120 65% 60% 2017 26%
reduction 50% 2018 36%
reduction
since 2005
750 90 since 2005 2019 2%
40%
2020 10%
500 60 30% Recycling 2021 3%
20% rate of 2022 10%
250 30 10% 69% 20232024 10%10%
2025+
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWOF PORTFOLIO

2 SOUTHBANK BOULEVARD, MELBOURNE

2 Southbank Boulevard is located on the Southbank of the Yarra River in Melbourne. The A Grade office tower benefits from a piazza which includes a retail area incorporating a café and a supermarket. The asset comprises a 38 storey tower and 8 podium levels comprising approximately 53,500 sqm of office accommodation.

2 Southbank Boulevard has a 4.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNER Australand (50%) ACQUIRED (BY GWOF) June 2014 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2008

Current Valuation

FAIR VALUE $198.5m CAPITALISATION RATE 6.25% TERMINAL CAPITALISATION RATE 6.50% DISCOUNT RATE 8.25% VALUATION TYPE Directors

Property Details

OFFICE 53,500 sqm RETAIL 1,400 sqm CAR PARKING SPACES 544 TYPICAL FLOOR PLATE 1,860 sqm

Office Occupancy

Office Occupancy
ACTUAL	99.4%
INCLUDING SIGNED LEASES	99.4%
INCLUDING HEADS OF AGREEMENT	99.4%

Office Tenant Details

NUMBER OF TENANCIES 16 WALE (BY INCOME) 3.8 years

Key Tenants

Key Tenants
PwC Ausnet Services	AREA (SQM) EXPIRY DATE
	22,970 May 2017 8,110 September 2020

LEASE EXPIRY PROFILE

	By Income
2015	8%
2016	2%
2017	43%
2018	2%
2019	12%
2020	26%
2021
2022	4%
2023
2024	3%
2025+

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GWOF PORTFOLIO
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8 EXHIBITION STREET, MELBOURNE
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Located at the East or ‘Paris’ end of Melbourne’s CBD, 8 Exhibition Street is a 45,000 sqm, 35 level, Premium Grade office tower. Central to public transport and road systems, the building offers views over The Domain, Royal Botanic Gardens, South Bank and further out towards Port Phillip Bay.

Built in 2005, the asset has water and energy efficient systems in place and achieves a 4.5 star NABERS Energy rating and 4 .0 star NABERS Water Rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNER KREIT (50%) ACQUIRED (BY GWOF) April 2013 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 2005

Property Details

OFFICE 44,600 sqm RETAIL 300 sqm CAR PARKING SPACES 0 TYPICAL FLOOR PLATE 1,620 sqm

Current Valuation

FAIR VALUE $182.0m CAPITALISATION RATE 6.13% TERMINAL CAPITALISATION RATE 6.38% DISCOUNT RATE 8.00% VALUATION TYPE External Office Occupancy ACTUAL 94.5% INCLUDING SIGNED LEASES 95.5% INCLUDING HEADS OF AGREEMENT 97.4%

Office Tenant Details

NUMBER OF TENANCIES 16 WALE (BY INCOME) 6.2 years

Key Tenants

AREA (SQM) EXPIRY DATE November 2017 / EY 16,510 November 2022 UBS 4,850 November 2025

LEASE EXPIRY PROFILE

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By Income 2015 4% 2016 10% 2017 8% 2018 12% 2019 6% 2020 2021 4% 2022 36% 2023 2024 7% 2025+ 13%

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GWOF PORTFOLIO
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TWENTY8 FRESHWATER PLACE, MELBOURNE

Twenty8 Freshwater Place is a Prime Grade development located on the banks of the Yarra River in Melbourne’s Southbank. The asset sits within Melbourne’s arts and entertainment precinct between the popular Crown entertainment complex and Southgate. The building comprises 34,000 sqm of contemporary office space built to a 4 star Green Star rating under the Green Building Council of Australia Scheme. Twenty8 Freshwater Place has a 5.0 star NABERS Energy rating and a 4.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNER Australand (50%) ACQUIRED (BY GWOF) August 2007 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2008

Current Valuation

Current Valuation
FAIR VALUE	$123.5m
CAPITALISATION RATE	6.75%
TERMINAL CAPITALISATION RATE	6.75%
DISCOUNT RATE	8.25%
VALUATION TYPE	Directors

Property Details

OFFICE 33,900 sqm RETAIL 100 sqm CAR PARKING SPACES 250 TYPICAL FLOOR PLATE Tower: 1,780 sqm Podium: 2,270 sqm

Office Tenant Details

Office Occupancy

Office Occupancy
ACTUAL	100.0%
INCLUDING SIGNED LEASES	100.0%
INCLUDING HEADS OF AGREEMENT	100.0%

Key Tenants

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NUMBER OF TENANCIES 14 AREA (SQM) EXPIRY DATE
WALE (BY INCOME) 4.3 years MMG Australia 7,670 March 2019
CPA 7,120 May 2021
SUSTAINABILITY LEASE EXPIRY PROFILE
Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
500 60 100% 2015
2016 18%
50 2017
400 80%
2018 5%
40
300 60% 2019 48%
30 2020 8%
Recycling 2021 22%
200 40%
20 rate of 2022
100 20% 71% 2023 48%
10 2024
2025+
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
Note: This asset not operational in baseline year (2005).
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GWOF PORTFOLIO

150 COLLINS STREET, MELBOURNE

Located in the exclusive ‘Paris’ end of Collins Street , 150 Collins Street is a new A Grade building with Premium Grade services. The development of 150 Collins Street reached completion in November 2014 and features 20,000 sqm of office and retail space over 14 floors. The asset is 64 per cent leased to Westpac Group for 12 years and there is a 24 month rental guarantee from Grocon/APN on the remaining space.

The asset has world leading Environmentally Sustainable Design features that together, will help the building achieve a 6 Star Green Star (version 2 Office design) rating and is targeting a 5 star NABERS energy rating.

KEY METRICS AS AT 31 DECEMBER 2014

General OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2012 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2014

Property Details

OFFICE 19,000 sqm RETAIL 1,000 sqm CAR PARKING SPACES 143 TYPICAL FLOOR PLATE 1,520 sqm

Office Tenant Details

NUMBER OF TENANCIES 1 WALE (BY INCOME) 8.3 years[1 ]

Current Valuation

Current Valuation
FAIR VALUE CAPITALISATION RATE TERMINAL CAPITALISATION RATE DISCOUNT RATE VALUATION TYPE Office Occupancy	$167.2m 6.50% 6.75% 8.50% Directors
ACTUAL INCLUDING SIGNED LEASES INCLUDING HEADS OF AGREEMENT Key Tenants	100.0%1 100.0%1 100.0%1
Westpac Group	AREA (SQM) EXPIRY DATE
	12,160 November 2026

LEASE EXPIRY PROFILE

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By Income
2015
2016 36%
2017
2018
2019
2020
2021
2022
2023
2024
2025+ 64%
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Includes rental guarantee.

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GWOF PORTFOLIO
530 COLLINS STREET, MELBOURNE
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Located in the heart of Melbourne’s corporate precinct, on the north east corner of Collins and King Streets, 530 Collins Street is a Premium Grade commercial office building which was completed in 1991.

The asset is highly sought after with large, flexible floor plates, a prime location and spectacular city views. Serviced by major public transport routes, 530 Collins Street also has four levels of basement car parking.

530 Collins Street has a 4.5 star NABERS Energy rating and a 2.0 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2006 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 1991 / Refurbished 2009

Current Valuation

Current Valuation
FAIR VALUE	$469.7m
CAPITALISATION RATE	6.38%
TERMINAL CAPITALISATION RATE	6.63%
DISCOUNT RATE	8.13%
VALUATION TYPE	Directors

Property Details

OFFICE 66,000 sqm RETAIL 1,600 sqm CAR PARKING SPACES 324 TYPICAL FLOOR PLATE Tower: 1,300 sqm Podium: 3,500 sqm

Office Tenant Details

NUMBER OF TENANCIES 22 WALE (BY INCOME) 6.0 years

Office Occupancy

Office Occupancy
ACTUAL	97.0%
INCLUDING SIGNED LEASES	97.0%
INCLUDING HEADS OF AGREEMENT	97.0%

Key Tenants

Key Tenants
Suncorp HWL Ebsworth	AREA (SQM) EXPIRY DATE
	15,450 June 2023 5,040 May 2021

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
800 100 80% 2015
2016 1%
80 2017 21%
600 60% 2018 9%
60 2019 1%
400 40% 2020 13%
17% 40 48% Recyclingrate of 20212022 13%7%
reduction
200 since 2005 20 reduction 20% 66% 2023 32%
since 2005
2024 2%
0 0 0% 2025+ 2%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWOF PORTFOLIO

655 COLLINS STREET, MELBOURNE

655 Collins Street is an eight level, A Grade office tower, prominently located on the corner of Collins and Spencer Streets. The asset is situated opposite the major railway and transport hub of Southern Cross Station. The asset was constructed in 2009 and comprises large campus-style floors, all with excellent natural light and strong tenant appeal.

655 Collins Street has a 4.5 star NABERS Energy rating and a 5.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) May 2014 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2009

Current Valuation

Current Valuation
FAIR VALUE	$121.0m
CAPITALISATION RATE	5.85%
TERMINAL CAPITALISATION RATE	6.50%
DISCOUNT RATE	8.35%
VALUATION TYPE	External

Property Details

OFFICE 16,600 sqm RETAIL 0 sqm CAR PARKING SPACES 89 TYPICAL FLOOR PLATE 2,500 sqm

Office Tenant Details

NUMBER OF TENANCIES 1 WALE (BY INCOME) 14.9 years

Office Occupancy

Office Occupancy
ACTUAL	100.0%
INCLUDING SIGNED LEASES	100.0%
INCLUDING HEADS OF AGREEMENT	100.0%

Key Tenants

Key Tenants
The Age Company	AREA (SQM) EXPIRY DATE
	16,600 December 2029

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LEASE EXPIRY PROFILE
By Income
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025+ 100%
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GWOF PORTFOLIO

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750 COLLINS STREET, MELBOURNE
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750 Collins Street is an A Grade office building completed in 2007. Situated in Melbourne’s dynamic Docklands precinct, the property occupies a 7,700 sqm site on the corner of Collins Street and Batman’s Hill Drive.

The property comprises a 10 level campus-style building with super-sized office floor plates of approximately 5,500 square metres, featuring excellent natural light to each elevation.

750 Collins Street has a 4.5 star NABERS Energy rating and a 4.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) May 2014 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2007

Property Details OFFICE 37,300 sqm RETAIL 3,200 sqm CAR PARKING SPACES 422 TYPICAL FLOOR PLATE 5,500 sqm Office Tenant Details NUMBER OF TENANCIES 1 WALE (BY INCOME) 4.9 years

Current Valuation
FAIR VALUE CAPITALISATION RATE TERMINAL CAPITALISATION RATE DISCOUNT RATE VALUATION TYPE Office Occupancy	$263.2m 7.13% 7.50% 8.50% Directors
ACTUAL INCLUDING SIGNED LEASES INCLUDING HEADS OF AGREEMENT Key Tenants	100.0% 100.0% 100.0%
AMP	AREA (SQM) EXPIRY DATE
	37,300 November 2019

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LEASE EXPIRY PROFILE
By Income
2015
2016
2017
2018
2019 100%
2020
2021
2022
2023
2024
2025+
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GWOF PORTFOLIO
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CBW, CORNER OF BOURKE & WILLIAM STREETS, MELBOURNE
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CBW is an A Grade office complex located in the core of Melbourne’s CBD and comprises a mixed use development incorporating 181 William Street, 550 Bourke Street and Goldsbrough Lane.

CBW has achieved a 5.0 star NABERS Energy rating, a 5.0 star GreenStar rating and a 4.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNER GPT (50%) ACQUIRED (BY GWOF) October 2014 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2009

Property Details

OFFICE 76,100 sqm RETAIL 5,300 sqm CAR PARKING SPACES 413 181 William Street: 1,920 sqm TYPICAL FLOOR PLATE 550 Bourke Street: 1,510 sqm

Office Tenant Details

NUMBER OF TENANCIES 14 WALE (BY INCOME) 5.1 years

Current Valuation

	Current Valuation
	FAIR VALUE	$304.7m
	CAPITALISATION RATE	6.50%
	TERMINAL CAPITALISATION RATE	6.75%
	DISCOUNT RATE	8.50%
	VALUATION TYPE	External
	Office Occupancy
	ACTUAL	100.0%
	INCLUDING SIGNED LEASES	100.0%
	INCLUDING HEADS OF AGREEMENT	100.0%

Key Tenants

Key Tenants
IAG Deloitte	AREA (SQM) EXPIRY DATE
	28,520 June 2020 19,610 March 2015 / May 2020

LEASE EXPIRY PROFILE

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By Income

2015 5% 2016 2% 2017 5% 2018 2019 10% 2020 59% 2021 18% 2022 2023 2024 2025+

GWOF PORTFOLIO

800/808 BOURKE STREET, MELBOURNE

800 and 808 Bourke Street were completed in 2004. This contemporary home to the Australian head office of the National Australia Bank (NAB) is located on a prime, north-facing waterfront site in the Docklands Precinct in Melbourne.

The asset embodies the key design elements of a modern workplace such as large open plan floors, open atria, operable windows, balconies, terraces, sunshades and extensive use of natural light.

800/808 Bourke Street has a 5.0 star NABERS Energy rating and 3.0 star NABERS Water rating and is the first building to be rated using the Green Star Performance Pilot, rating 4 stars.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2006 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2004

Property Details

OFFICE 59,600 sqm RETAIL 1,700 sqm CAR PARKING SPACES 416 TYPICAL FLOOR PLATE 3,500 sqm

Office Tenant Details

NUMBER OF TENANCIES 1 WALE (BY INCOME) 12.6 years

Current Valuation

Current Valuation
FAIR VALUE	$430.0m
CAPITALISATION RATE	6.00%
TERMINAL CAPITALISATION RATE	6.45%
DISCOUNT RATE	8.00%
VALUATION TYPE	External
Office Occupancy
ACTUAL	100.0%
INCLUDING SIGNED LEASES	100.0%
INCLUDING HEADS OF AGREEMENT	100.0%

Key Tenants

Key Tenants
National Australia Bank	AREA (SQM) EXPIRY DATE
	59,600 August 2027

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
700 80 50% 2015
2016
600
60 40% 2017
500 2018
40
30% 2019
400
20 2020
300 33% 20% Recycling 2021
200 reduction 0 rate of 2022
100 since 2005 -20 10% 44% 2023
2024
0 -40 0% 2025+ 100%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
44 Note: NAB has procured offsets for its emissions at 800/808 Bourke Street.
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GWOF PORTFOLIO
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BRISBANE TRANSIT CENTRE, 151-171 ROMA STREET, BRISBANE

The Brisbane Transit Centre is located on Roma Street, in the “North Quarter” precinct of the Brisbane CBD. The asset comprises 32,700 sqm multi-use complex with two office towers, three levels of retail and a car park. During 2009 and 2010, a refurbishment and services upgrade enhanced the office towers to a Prime Grade rating.

Brisbane Transit Centre has a 5.0/5.0 star NABERS Energy rating and a 3.5/3.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNER APPF Commercial (50%) ACQUIRED (BY GWOF) July 2006 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1988, with periodic refurbishment

Property Details

OFFICE 29,500 sqm RETAIL 3,200 sqm CAR PARKING SPACES 754 TYPICAL FLOOR PLATE East Tower: 1,030 sqm West Tower: 2,080 sqm

Office Tenant Details

NUMBER OF TENANCIES 7 WALE (BY INCOME) 2.0 years

Current Valuation

Current Valuation
FAIR VALUE	$60.8m
CAPITALISATION RATE	9.00%
TERMINAL CAPITALISATION RATE	8.50%
DISCOUNT RATE	9.25%
VALUATION TYPE	Directors
Office Occupancy
ACTUAL	55.2%
INCLUDING SIGNED LEASES	62.3%
INCLUDING HEADS OF AGREEMENT	62.3%

Key Tenants

Key Tenants
Australia Post Brisbane City Council	AREA (SQM) EXPIRY DATE
	4,160 August 2018 4,160 June 2015

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 140 50% 2015 45%
2016 21%
1,250 120 28%
40% 2017
100 2018 23%
1,000
30% 2019
80
750 2020 11%
82% 60 20% Recycling 2021
500 reduction rate of 2022
40
250 since 2005 10% 41% 2023
20 2024
2025+
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
Note: Emissions intensity increased with occupancy.
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GWOF PORTFOLIO

ONE ONE ONE EAGLE STREET, BRISBANE

One One One Eagle Street is a Premium Grade, 63,800 sqm, 54 level office tower in Brisbane’s prime commercial ‘Golden Triangle’ precinct. The recently developed tower is designed to take advantage of the outstanding location and Brisbane River views.

The building has achieved the highest rating available, a 6 star Green Star Design rating from the Green Building Council of Australia. One One One Eagle Street has also achieved a 5.5 star NABERS Energy rating and 4.5 star NABERS Water rating. Featuring the latest Tri-generation technology, the building can generate its own power, reducing peak demand on energy supply and lowering greenhouse gas emissions.

KEY METRICS AS AT 31 DECEMBER 2014

General OWNERSHIP INTEREST 33% GWOF CO-OWNERS GPT (33%) Third Party Investor (33%) ACQUIRED (BY GWOF) October 2008 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 2012	Current Valuation
	FAIR VALUE $246.7m CAPITALISATION RATE 6.25% TERMINAL CAPITALISATION RATE 6.38% DISCOUNT RATE 8.00% VALUATION TYPE External

Property Details
OFFICE	63,800 sqm
RETAIL	400 sqm
CAR PARKING SPACES	115
TYPICAL FLOOR PLATE	1,450 sqm
Office Tenant Details
NUMBER OF TENANCIES	14
WALE (BY INCOME)	8.9 years

Office Occupancy

Office Occupancy
ACTUAL	94.4%
INCLUDING SIGNED LEASES	96.1%
INCLUDING HEADS OF AGREEMENT	96.1%

Key Tenants

Key Tenants
Arrow Energy EY	AREA (SQM) EXPIRY DATE
	14,800 February 2021 9,000 June 2024

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Note: This asset not operational in baseline year (2005).

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GWOF PORTFOLIO
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RIVERSIDE CENTRE, 123 EAGLE STREET, BRISBANE

This pre-eminent landmark complex comprises a modern 41 level Premium Grade commercial building located in the heart of the ‘Golden Triangle’ in the Brisbane CBD, designed by one of Australia’s leading architects Harry Seidler. The building incorporates quality office accommodation, waterfront restaurants, a car park for over 500 cars and an open plaza surrounded by retail accommodation.

The Riverside Centre has a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2006 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 1986 / Refurbished 1998

Property Details

OFFICE 51,600 sqm RETAIL 4,600 sqm CAR PARKING SPACES 500 TYPICAL FLOOR PLATE 1,500 sqm

Current Valuation

Current Valuation
FAIR VALUE	$600.1m
CAPITALISATION RATE	6.75%
TERMINAL CAPITALISATION RATE	6.75%
DISCOUNT RATE	8.25%
VALUATION TYPE	Directors
Office Occupancy
ACTUAL	93.0%
INCLUDING SIGNED LEASES	93.0%
INCLUDING HEADS OF AGREEMENT	93.0%

Office Tenant Details

NUMBER OF TENANCIES 33 WALE (BY INCOME) 4.3 years

Key Tenants

AREA (SQM) EXPIRY DATE June 2015 / PwC 9,560 January 2019 Deloitte 5,800 October 2018

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,200 100 80% 2015 7%
2016 3%
1,000 80 2017 6%
60%
2018 30%
800
60 2019 18%
600 40% 2020 22%
61% 40 Recycling 2021 12%
400 reduction 61% rate of 2022 2%
200 since 2005 20 since 2005reduction 20% 62% 2023
2024
2025+
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
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GWOF PORTFOLIO

545 QUEEN STREET, BRISBANE

545 Queen Street is situated on a prominent island site located in the north eastern fringe of the financial precinct of Brisbane CBD. The site is located approximately 500 metres from Brisbane’s Central Rail Station with good exposure to the high volumes of traffic on the northern entrance of Brisbane CBD. The asset comprises 13,600 sqm of A Grade office and retail space and offers tenants excellent amenities, transportation access and river views.

545 Queen Street has a 5.0 star NABERS Energy rating and a 4.0 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) June 2007 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1991 / Redeveloped 2008

Current Valuation

Current Valuation
FAIR VALUE	$84.1m
CAPITALISATION RATE	7.75%
TERMINAL CAPITALISATION RATE	8.00%
DISCOUNT RATE	9.00%
VALUATION TYPE	Directors

Property Details

OFFICE 13,100 sqm RETAIL 500 sqm CAR PARKING SPACES 100 TYPICAL FLOOR PLATE Tower: 750 sqm Podium: 2,100 sqm

Office Tenant Details

NUMBER OF TENANCIES 6 WALE (BY INCOME) 2.4 years

Office Occupancy

Office Occupancy
ACTUAL	100.0%
INCLUDING SIGNED LEASES	100.0%
INCLUDING HEADS OF AGREEMENT	100.0%

Key Tenants

Key Tenants
Flight Centre Calibre Global	AREA (SQM) EXPIRY DATE
	8,110 January 2017 2,770 January 2019

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
700 60 50% 2015 5%
2016 5%
600
40% 2017 63%
500 2018 6%
40
400 30% 2019 20%
2020
300 20% Recycling 2021
rate of
20 2022
200
10% 46% 2023
100 2024
2025+
0 0 0%
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
Note: This asset not operational in baseline year (2005).
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GPT ANNUAL RESULTLOGISTICS PORTFOLIO 2014

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ROSEHILL BUSINESS PARK, CAMELLIA

Rosehill Business Park is a modern industrial asset located in the established central west industrial area of Sydney. The property features 41,900 sqm of lettable area across three buildings that were completed in separate stages. The property benefits from its close proximity to James Ruse Drive and the M4 motorway.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) May 1998

Current Valuation

Current Valuation
FAIR VALUE	$75.0m
CAPITALISATION RATE	7.75%
TERMINAL CAPITALISATION RATE	8.00%
DISCOUNT RATE	9.00%
VALUATION TYPE	External
INCOME (12 MONTHS)	$5.7m

Property Details

GLA 41,900 sqm SITE AREA 79,700 sqm OCCUPANCY 100.0% WALE (BY INCOME) 4.4 years

10 INTERCHANGE DRIVE, EASTERN CREEK

10 Interchange Drive is located at the intersection of the M4 and the M7 motorways, with direct exposure to the M7 motorway. The property comprises a modern, purpose built warehouse and office facility, that is fully leased to Asics. The property features undercover parking and a showroom.

KEY METRICS AS AT 31 DECEMBER 2014

General OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) August 2012

Current Valuation

Current Valuation
FAIR VALUE	$30.0m
CAPITALISATION RATE	7.25%
TERMINAL CAPITALISATION RATE	7.25%
DISCOUNT RATE	8.75%
VALUATION TYPE	External
INCOME (12 MONTHS)	$2.3m

Property Details

Property Details
GLA	15,100 sqm
SITE AREA	30,200 sqm
OCCUPANCY	100.0%
WALE (BY INCOME)	5.5 years

CONNECT@ERSKINE PARK, CNR LOCKWOOD & TEMPLAR ROAD, ERSKINE PARK

Connect@Erskine Park is a 27.8 hectare site situated on the corner of Lockwood and Templar Road, Erskine Park. It is located approximately 26 kilometres west of the Parramatta CBD and 46 kilometres west of the Sydney CBD with good access to the major M4 and M7 Motorways junctions.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) May 2008

Current Valuation

Current Valuation
FAIR VALUE CAPITALISATION RATE TERMINAL CAPITALISATION RATE DISCOUNT RATE VALUATION TYPE INCOME (12 MONTHS)	16-34 Templar Road (Goodman Fielder) 67-75 Templar Road (Target) 29-55 Lockwood Road (TNT Express)
	$41.0m $20.5m $77.0m 7.00% 7.00% 6.00% 7.25% 7.25% 6.25% 9.25% 9.25% 8.00% External External External $3.5m $1.7m $0.2m

Property Details

Property Details
GLA SITE AREA OCCUPANCY WALE (BY INCOME)	16-34 Templar Road (Goodman Fielder) 67-75 Templar Road (Target) 29-55 Lockwood Road (TNT Express)
	15,200 sqm 12,700 sqm 31,500 sqm 39,700 sqm 22,900 sqm 75,000 sqm 100.0% 100.0% 100.0% 14.5 years 7.1 years 15.0 years

GRANVILLE LOGISTICS CENTRE, 15 -19 BERRY STREET, GRANVILLE

Granville Logistics Centre comprises 29,600 sqm of high clearance warehouse and modern office accommodation across two separate buildings. Berry Street is a continuation of James Ruse Drive, and has a frontage onto Parramatta road. Both of these are major arterial roads servicing Sydney’s central west. Other major road arteries in the near vicinity include the M4 Motorway.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) December 2000

Current Valuation

Current Valuation
FAIR VALUE CAPITALISATION RATE TERMINAL CAPITALISATION RATE DISCOUNT RATE VALUATION TYPE INCOME (12 MONTHS)	15 Berry Street 19 Berry Street
	$13.0m $28.1m 8.25% 8.25% 8.50% 8.50% 9.75% 9.25% External External $1.3m $2.5m

Property Details

Property Details
GLA SITE AREA OCCUPANCY WALE (BY INCOME)	15 Berry Street 19 Berry Street
	10,000 sqm 19,600 sqm 20,600 sqm 30,800 sqm 100.0% 100.0% 0.3 years 3.2 years

2-4 HARVEY ROAD, KINGS PARK

2-4 Harvey Road, Kings Park comprises a modern high clearance warehouse and associated high quality office accommodation. Kings Park is located approximately 40 kilometres west of the Sydney CBD and 15 kilometres northwest of the Parramatta CBD. The area is well located to major transport routes.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) May 1999

Current Valuation

Current Valuation
FAIR VALUE	$46.5m
CAPITALISATION RATE	8.25%
TERMINAL CAPITALISATION RATE	8.50%
DISCOUNT RATE	9.25%
VALUATION TYPE	Directors
INCOME (12 MONTHS)	$4.2m

Property Details

GLA 40,300 sqm SITE AREA 64,800 sqm OCCUPANCY 100.0% WALE (BY INCOME) 2.7 years

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407 PEMBROKE ROAD, MINTO
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The property is located within easy access to major road networks (M5 and M7 Motorways) and has the benefit of access to a railway siding from the Main Southern Railway. Current improvements comprise 15,300 sqm of modern office, warehouse and cold storage.

KEY METRICS AS AT 31 DECEMBER 2014

General

General
OWNERSHIP INTEREST	50%
CO-OWNER	Austrak (50%)
ACQUIRED (BY GPT)	October 2008
Property Details
GLA	15,300 sqm
SITE AREA	21,100 sqm
OCCUPANCY	100.0%
WALE (BY INCOME)	4.9 years

Current Valuation

Current Valuation
FAIR VALUE	$25.0m
CAPITALISATION RATE	8.00%
TERMINAL CAPITALISATION RATE	8.00%
DISCOUNT RATE	9.25%
VALUATION TYPE	External
INCOME (12 MONTHS)	$2.3m

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4 HOLKER STREET, NEWINGTON
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4 Holker Street, Newington comprises a modern, hi-tech data centre built in 2002. The property is well located close to major transport routes, approximately one kilometre north of the M4 Motorway, and in close proximity to Newington Shopping Centre and Sydney Olympic Park.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) March 2006

Current Valuation

Current Valuation
FAIR VALUE	$24.2m
CAPITALISATION RATE	8.75%
TERMINAL CAPITALISATION RATE	9.75%
DISCOUNT RATE	10.00%
VALUATION TYPE	Directors
INCOME (12 MONTHS)	$3.3m

Property Details

Property Details
GLA	7,400 sqm
SITE AREA	6,800 sqm
OCCUPANCY	100.0%
WALE (BY INCOME)	2.5 years

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18-24 ABBOTT ROAD, SEVEN HILLS
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Abbott Road, Seven Hills provides a strategic four hectare land bank near the junction of the M2 and M7 Motorways. The site is suitable for a variety of future industrial and bulky goods retail development opportunities.

KEY METRICS AS AT 31 DECEMBER 2014

General
OWNERSHIP INTEREST	100%
ACQUIRED (BY GPT)	October 2006
Property Details
GLA	19,400 sqm
SITE AREA	40,800 sqm
OCCUPANCY	100.0%
WALE (BY INCOME)	0.2 years

Current Valuation

Current Valuation
FAIR VALUE	$9.1m
CAPITALISATION RATE	N/A
TERMINAL CAPITALISATION RATE	N/A
DISCOUNT RATE	N/A
VALUATION TYPE	External
INCOME (12 MONTHS)	$1.5m

Note: Previous independently valued on a rate per sqm of potential Gross Floor Area (GFA). Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value.

83 DERBY STREET, SILVERWATER

A well located property comprising a freestanding warehouse, with associated office space. The warehouse is separated into three units, however is currently being leased in one line to a single tenant. The improvements were completed between 2001 and 2003 and features 52% site coverage and 142 car spaces.

KEY METRICS AS AT 31 DECEMBER 2014

General OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) August 2012

Current Valuation

Current Valuation
FAIR VALUE	$28.4m
CAPITALISATION RATE	7.75%
TERMINAL CAPITALISATION RATE	7.75%
DISCOUNT RATE	9.50%
VALUATION TYPE	External
INCOME (12 MONTHS)	$2.4m

Property Details

Property Details
GLA	17,000 sqm
SITE AREA	31,900 sqm
OCCUPANCY	100.0%
WALE (BY INCOME)	2.9 years

3 FIGTREE DRIVE, SYDNEY OLYMPIC PARK

3 Figtree Drive comprises two levels of modern office accommodation and a high clearance warehouse, with good onsite access and manoeuvrability with 198 car spaces. In conjunction with neighbouring GPT assets, the property forms part of a five hectare consolidated holding.

KEY METRICS AS AT 31 DECEMBER 2014

General OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) April 2013

Current Valuation

Current Valuation
FAIR VALUE	$21.0m
CAPITALISATION RATE	8.25%
TERMINAL CAPITALISATION RATE	8.75%
DISCOUNT RATE	10.00%
VALUATION TYPE	External
INCOME (12 MONTHS)	$1.9m

Property Details

GLA 6,800 sqm SITE AREA 12,900 sqm OCCUPANCY 100.0% WALE (BY INCOME) 2.0 years

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5 FIGTREE DRIVE, SYDNEY OLYMPIC PARK
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5 Figtree Drive comprises a two level office facility and high clearance warehouse. In conjunction with neighbouring GPT assets, the property forms part of a five hectare consolidated holding.

The area is well serviced by an orbital road network and rail transport is available via Olympic Park Rail Station.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) July 2005

Current Valuation

Current Valuation
FAIR VALUE	$23.8m
CAPITALISATION RATE	8.25%
TERMINAL CAPITALISATION RATE	8.75%
DISCOUNT RATE	9.00%
VALUATION TYPE	Directors
INCOME (12 MONTHS)	$2.0m

Property Details

GLA 8,800 sqm SITE AREA 12,900 sqm OCCUPANCY 100.0% WALE (BY INCOME) 4.1 years

7 FIGTREE DRIVE, SYDNEY OLYMPIC PARK

7 Figtree Drive comprises a single level office and warehouse building located at Sydney Olympic Park. The site is currently leased to BSA Limited and occupies a prime location on the corner of Figtree Drive and Olympic Boulevard. In conjunction with neighbouring GPT assets, the property forms part of a five hectare consolidated holding.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) July 2004

Current Valuation

Current Valuation
FAIR VALUE	$13.8m
CAPITALISATION RATE	N/A
TERMINAL CAPITALISATION RATE	N/A
DISCOUNT RATE	N/A
VALUATION TYPE	External
INCOME (12 MONTHS)	$1.0m

Property Details

Property Details
GLA	3,500 sqm
SITE AREA	9,600 sqm
OCCUPANCY	100.0%
WALE (BY INCOME)	2.5 years

Note: Valued on a rate per sqm of potential GFA. Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value.

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6 HERB ELLIOTT AVENUE, SYDNEY OLYMPIC PARK
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6 Herb Elliott Avenue is well located in the Sydney Olympic Park Precinct, being opposite the Railway Station. The property comprises a high quality office and warehouse building with a good level of on-grade car parking. In conjunction with neighbouring GPT assets, the property forms part of a five hectare consolidated holding.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) June 2010

Current Valuation

FAIR VALUE $13.0m CAPITALISATION RATE N/A TERMINAL CAPITALISATION RATE N/A DISCOUNT RATE N/A VALUATION TYPE External INCOME (12 MONTHS) $0.8m

Property Details

GLA 4,100 sqm SITE AREA 8,400 sqm OCCUPANCY 100.0% WALE (BY INCOME) 0.2 years

Note: Valued on a rate per sqm of potential GFA. Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value.

8 HERB ELLIOTT AVENUE, SYDNEY OLYMPIC PARK

8 Herb Elliott Avenue is situated opposite the Olympic Park Railway Station, between Australia Avenue and Olympic Boulevard. Current site improvements comprise 3,300 sqm of high quality office and warehouse accommodation. In conjunction with neighbouring GPT assets, the property forms part of a five hectare consolidated holding.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) August 2004

Current Valuation

Current Valuation
FAIR VALUE	$10.6m
CAPITALISATION RATE	N/A
TERMINAL CAPITALISATION RATE	N/A
DISCOUNT RATE	N/A
VALUATION TYPE	External
INCOME (12 MONTHS)	$0.8m

Property Details

GLA 3,300 sqm SITE AREA 9,100 sqm OCCUPANCY 100.0% WALE (BY INCOME) 5.1 years

Note: Valued on a rate per sqm of potential GFA. Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value.

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QUAD 1 AND 4, SYDNEY OLYMPIC PARK

Quad 1 and Quad 4 are part of an integrated office development located at Sydney Olympic Park, close to significant infrastructure and public recreational amenities. Set within a fully landscaped environment the business park is an outstanding example of progressive, environmentally responsible and innovative design. Quad 4 was the first speculative building in Sydney to be designed to Australian Best Practice environmental performance and as a result won the 2009 PCA Industrial & Business Park Award.

The Quad 1 building has achieved 5 stars NABERS Energy and 4.5 stars NABERS Water rating. The Quad 4 building has achieved a 5.5 star NABERS Energy rating and a 5.5 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) June 2001 to March 2003

Current Valuation

Current Valuation
FAIR VALUE CAPITALISATION RATE TERMINAL CAPITALISATION RATE DISCOUNT RATE VALUATION TYPE INCOME (12 MONTHS)	Quad 1 Quad 4
	$21.4m $31.2m 8.25% 8.25% 8.75% 8.75% 9.50% 9.75% Directors Directors $0.8m $3.0m

Property Details

Property Details
NLA SITE AREA OCCUPANCY WALE (BY INCOME)	Quad 1 Quad 4
	5,000 sqm 8,100 sqm 9,400 sqm 8,000 sqm 66.4% 100.0% 4.8 years 15.2 years1

WALE reflects the future lease (currently at Heads of Agreement).

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38 PINE ROAD, YENNORA
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38 Pine Road Yennora is located within the established industrial precinct in Western Sydney. The property, comprising two separate warehouses, is well positioned to nearby transport connections including the Cumberland and Hume Highways, the M4 and M5 Motorways and opposite the Yennora Intermodal Terminal.

KEY METRICS AS AT 31 DECEMBER 2014

General
OWNERSHIP INTEREST	100%
ACQUIRED (BY GPT)	November 2013
Property Details
GLA	33,200 sqm
SITE AREA	73,900 sqm
OCCUPANCY	100.0%
WALE (BY INCOME)	1.2 years

Current Valuation

Current Valuation
FAIR VALUE	$45.8m
CAPITALISATION RATE	7.75%
TERMINAL CAPITALISATION RATE	8.00%
DISCOUNT RATE	9.00%
VALUATION TYPE	External
INCOME (12 MONTHS)	$4.0m

372-374 VICTORIA STREET, WETHERILL PARK

The property comprises a high bay warehouse and associated offices. Wetherill Park is a traditional industrial area popular with transport, storage and distribution users. Victoria Street provides direct access to the Cumberland Highway, and proximity to the M4 and M7 Motorways.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) July 2006

Current Valuation

Current Valuation
FAIR VALUE	$21.0m
CAPITALISATION RATE	8.75%
TERMINAL CAPITALISATION RATE	8.75%
DISCOUNT RATE	9.25%
VALUATION TYPE	External
INCOME (12 MONTHS)	$1.8m

Property Details

GLA 20,500 sqm SITE AREA 40,900 sqm OCCUPANCY 100.0% WALE (BY INCOME) 5.1 years

CITIWEST INDUSTRIAL ESTATE, ALTONA NORTH

The property comprises a complex of six high clearance warehouse distribution centres, 15 kilometres south-west of the Melbourne CBD. The estate is bounded by Dohertys Road to the north, Grieve Parade to the east and Pinnacle Road to the south. Access to the Westgate Freeway and the Western Ring Road are available from Grieve Parade.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) August 1994

Current Valuation

Current Valuation
FAIR VALUE	$67.5m
CAPITALISATION RATE	8.42%
TERMINAL CAPITALISATION RATE	8.79%
DISCOUNT RATE	9.35%
VALUATION TYPE	External
INCOME (12 MONTHS)	$5.9m

Property Details

GLA 90,000 sqm SITE AREA 201,800 sqm OCCUPANCY 100.0% WALE (BY INCOME) 2.0 years

CITIPORT BUSINESS PARK, PORT MELBOURNE

Citiport Business park is a well located office and warehouse estate comprising a low-rise office building and 10 warehouse office units with adjoining showrooms. The property is located in the Port Melbourne precinct, being opposite the port, and features a good level of underground and on-grade parking.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) February 2012

Current Valuation

Current Valuation
FAIR VALUE	$60.0m
CAPITALISATION RATE	8.25%
TERMINAL CAPITALISATION RATE	8.50%
DISCOUNT RATE	9.00%
VALUATION TYPE	External
INCOME (12 MONTHS)	$3.7m

Property Details

GLA 27,000 sqm SITE AREA 25,500 sqm OCCUPANCY 74.1% WALE (BY INCOME) 3.5 years

AUSTRAK BUSINESS PARK, SOMERTON

Austrak Business Park comprises approximately 99 hectares of industrial zoned land, located 20 kilometres north of the Melbourne CBD. The property offers a key point of difference with access to one of Australia’s first fully integrated inter-modal rail terminals.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 50% CO-OWNERS Austrak (50%) ACQUIRED (BY GPT) October 2003 Property Details GLA 199,800 sqm SITE AREA 661,000 sqm OCCUPANCY 81.1% WALE (BY INCOME) 8.2 years

Current Valuation

Current Valuation
FAIR VALUE	$144.4m
CAPITALISATION RATE	7.54%
TERMINAL CAPITALISATION RATE	8.04%
DISCOUNT RATE	9.00%
VALUATION TYPE	External
INCOME (12 MONTHS)	$9.9m

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92-116 HOLT STREET, PINKENBA
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92-116 Holt Street comprises two large high bay warehouses. Pinkenba is adjacent to Eagle Farm in Brisbane’s Trade Coast precinct. The area benefits from easy access to the Gateway Motorway and Brisbane Airport, which is located approximately two kilometres to the north of the site.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) March 2006

Current Valuation

Current Valuation
FAIR VALUE	$14.1m
CAPITALISATION RATE	9.00%
TERMINAL CAPITALISATION RATE	9.50%
DISCOUNT RATE	10.50%
VALUATION TYPE	Directors
INCOME (12 MONTHS)	$1.3m

Property Details

GLA 14,500 sqm SITE AREA 32,800 sqm OCCUPANCY 100.0% WALE (BY INCOME) 3.1 years

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16-28 QUARRY ROAD, YATALA
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The property comprises two standalone warehouses, each providing approximately 20,300 sqm of clear span internal space and are strategically located in the Yatala Enterprise Area, approximately 40 kilometres south of the Brisbane CBD and approximately 40 kilometres north of the Gold Coast CBD.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) November 2013

Current Valuation

Current Valuation
FAIR VALUE	$47.3m
CAPITALISATION RATE	8.75%
TERMINAL CAPITALISATION RATE	9.00%
DISCOUNT RATE	9.50%
VALUATION TYPE	External
INCOME (12 MONTHS)	$4.5m

Property Details

GLA 41,600 sqm SITE AREA 81,500 sqm OCCUPANCY 93.0% WALE (BY INCOME) 2.1 years

59 FOREST WAY, KARAWATHA

59 Forest Way is a new, state-of-the-art logistics facility located at Karawatha which is approximately 22 kilometres south of Brisbane’s CBD. The 44,000 sqm of warehouse and office was custom-built for Toll Group on a 13.4 hectare site. The property is situated in the Logan Motorway precinct of South East Queensland which is now established as a prime location for large scale logistics facilities.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% CONSTRUCTION Completed April 2014

Current Valuation

Current Valuation
FAIR VALUE	$94.5m
CAPITALISATION RATE	6.75%
TERMINAL CAPITALISATION RATE	7.50%
DISCOUNT RATE	8.75%
VALUATION TYPE	External
INCOME (12 MONTHS)	$5.1m

Property Details

GLA 44,000 sqm SITE AREA 134,000 sqm OCCUPANCY 100.0% WALE (BY INCOME) 14.2 years

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GMF PORTFOLIO
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5 MURRAY ROSE AVENUE, SYDNEY OLYMPIC PARK
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Completed in 2012, 5 Murray Rose forms part of the Sydney Olympic Park precinct and is a 12,400 sqm commercial building over five levels, with a 6 Green Star Rating. This is the first stage of GPT’s $200 million Murray Rose Business Park with the masterplan for the site providing a total of 42,700 sqm of campus style business and retail accommodation.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GMF) October 2014

Current Valuation

FAIR VALUE $74.2m CAPITALISATION RATE 7.25% TERMINAL CAPITALISATION RATE 7.50% DISCOUNT RATE 9.00% VALUATION TYPE Directors

Property Details

NLA 12,400 sqm SITE AREA 3,800 sqm OCCUPANCY 100.0% WALE (BY INCOME) 9.3 years

GMF PORTFOLIO

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QUAD 2, SYDNEY OLYMPIC PARK
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Quad 2 is located at Sydney Olympic Park and is set in a parkland environment, with large floorplates, good natural light and a 134 car parking spaces. The site is close to significant infrastructure, public recreational and retail amenities. The Quad 2 building has achieved a 5.5 star NABERS Energy rating and a 6 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GMF) October 2014

Current Valuation

FAIR VALUE $24.1m CAPITALISATION RATE 8.25% TERMINAL CAPITALISATION RATE 8.50% DISCOUNT RATE 9.50% VALUATION TYPE Directors

Property Details

NLA 5,100 sqm SITE AREA 7,800 sqm OCCUPANCY 100.0% WALE (BY INCOME) 4.1 years

GMF PORTFOLIO

QUAD 3, SYDNEY OLYMPIC PARK

Quad 3 is located at Sydney Olympic Park which provides tenants with a unique amenity in an iconic location. The Quad 3 development was completed in July 2004, and has approximately 5,200 sqm of office space over three levels and over 100 car parking spaces. The Quad 3 building has achieved 5 star NABERS Energy rating and a 6 star NABERS Water rating.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GMF) October 2014

Current Valuation

FAIR VALUE $24.9m CAPITALISATION RATE 8.25% TERMINAL CAPITALISATION RATE 8.50% DISCOUNT RATE 9.50% VALUATION TYPE Directors

Property Details

NLA 5,200 sqm SITE AREA 6,600 sqm OCCUPANCY 100.0% WALE (BY INCOME) 3.8 years

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GMF PORTFOLIO
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OPTUS CENTRE, 15 GREEN SQUARE CLOSE, FORTITUDE VALLEY
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The Optus Centre is located within the ‘Urban Renewal’ fringe commercial precinct of Brisbane and benefits from being at the northern gateway of the Brisbane CBD. It is a modern 5 star Green Star building with large 1,520 square metre floor plates.

KEY METRICS AS AT 31 DECEMBER 2014

General OWNERSHIP INTEREST 100% ACQUIRED (BY GMF) October 2014

Current Valuation

FAIR VALUE $110.0m CAPITALISATION RATE 7.75% TERMINAL CAPITALISATION RATE 8.00% DISCOUNT RATE 9.25% VALUATION TYPE Directors

Property Details

NLA 16,500 sqm SITE AREA 2,500 sqm OCCUPANCY 100.0% WALE (BY INCOME) 7.3 years

GMF PORTFOLIO

VANTAGE, 109 BURWOOD ROAD, HAWTHORN

Vantage at Hawthorn is located at 109 Burwood Road, six kilometres east of the Melbourne CBD. The A Grade office building has circa 13,000 sqm of net lettable area across five floors of office accommodation and a car park for 455 vehicles. The property benefits from its setting on a main arterial road.

KEY METRICS AS AT 31 DECEMBER 2014

General

OWNERSHIP INTEREST 100% October 2014 ACQUIRED (BY GMF)

Current Valuation

FAIR VALUE $63.0m CAPITALISATION RATE 8.25% TERMINAL CAPITALISATION RATE 8.50% DISCOUNT RATE 9.00% VALUATION TYPE Directors

Property Details

NLA 12,400 sqm SITE AREA 3,500 sqm OCCUPANCY 100.0% WALE (BY INCOME) 2.6 years

AI assistant

GPT GROUP — Annual Report 2014

65009_rns_2015-02-22_bf175bfe-1d7f-4967-a157-e6e8a7b593e1.pdf

> GPT ANNUAL RESULTPROPERTY COMPENDIUM 2014

CONTENTS

CASUARINA SQUARE, NORTHERN TERRITORY

KEY METRICS AS AT 31 DECEMBER 2014

General

Property Details

Centre Details

Current Valuation

Sales Information

Key Tenants

SUSTAINABILITY

KEY METRICS AS AT 31 DECEMBER 2014

General

Property Details

Centre Details

Current Valuation

Sales Information

Key Tenants

SUSTAINABILITY

DANDENONG PLAZA, VICTORIA

KEY METRICS AS AT 31 DECEMBER 2014

General

Property Details

Current Valuation

Sales Information[1]

Centre Details

Key Tenants

SUSTAINABILITY

HIGHPOINT SHOPPING CENTRE , VICTORIA

KEY METRICS AS AT 31 DECEMBER 2014

General

Current Valuation

Sales Information

Property Details

Key Tenants

Centre Details

SUSTAINABILITY

MELBOURNE CENTRAL, VICTORIA

KEY METRICS AS AT 31 DECEMBER 2014

General

Property Details

Centre Details

Current Valuation

Sales Information

SUSTAINABILITY

ROUSE HILL TOWN CENTRE, NEW SOUTH WALES

KEY METRICS AS AT 31 DECEMBER 2014

General

Property Details

Centre Details

Current Valuation

Sales Information

Key Tenants

SUSTAINABILITY

SUNSHINE PLAZA, QUEENSLAND

KEY METRICS AS AT 31 DECEMBER 2014

General

Property Details

Centre Details

Current Valuation

Sales Information

Key Tenants

SUSTAINABILITY

WESTFIELD PENRITH, NEW SOUTH WALES

KEY METRICS AS AT 31 DECEMBER 2014

General

Property Details

Centre Details

Current Valuation

Sales Information

Key Tenants

CASUARINA SQUARE, NORTHERN TERRITORY

KEY METRICS AS AT 31 DECEMBER 2014

General

Current Valuation

Property Details

Centre Details

GPT GROUP Annual Report 2014