GPT Annual Result Property Compendium 2015

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Contents
Retail Portfolio	3
GWSCF Portfolio	18
Ofce Portfolio	36
GWOF Portfolio	51
Logistics Portfolio	89
GMF Portfolio	106

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Retail Portfolio

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~~Casuarina Square Northern Territory~~

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GPT
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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 in late 2014 on a 303 bed student accommodation 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 is the operator of the facility.

Key Metrics as at 31 December 2015

General Current Valuation Ownership Interest 50% GPT Fair Value[1] $285.5m Co-Owner GWSCF (50%) Capitalisation Rate[2] 5.75% Acquired (by GPT) October 1973 Terminal Capitalisation Rate[2] 6.00% Asset Type Regional Centre Discount Rate[2] 8.00% Construction/Refurbishment Completed 1973 / Refurbished 1998 Valuation Type External Income (12 months) $16.4m

Centre Details

Total GLA 53,000 sqm Number of Tenancies 181 Car Parking Spaces 2,410 Specialty Expiry Profile by Base Rent 2016: 30% 2017: 16% 2018: 16% Retail Occupancy 99.7%

Sales Information

Sales Information
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover	TotalCentre Specialties
	$8,480 $11,472 10.1% 15.8% $389.1m

Key Tenants

Key Tenants
Kmart Big W Woolworths BCC Cinemas Coles	Area (sqm) ExpiryDate
	7,450 September 2030 6,130 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)
3,000 115 45%
40% Recycling
2,500 110 rate of
35%
2,000 105 30% 41%
25%
1,500 100
49% 45% 20%
1,000 reduction 95 reduction 15%
since 2005 since 2005 10%
500 90
5%
0 85 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Includes retail and student accommodation.

Retail component only.

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~~Charlestown Square New South Wales~~

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GPT
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Charlestown Square, New South Wales

Charlestown Square is the largest shopping and entertainment destination in the Newcastle and Hunter region.

The super regional centre comprises a Myer department store, two discount department stores and two full line supermarkets. In addition, the centre has a strong entertainment, leisure and lifestyle component.

Works have commenced on a $45 million remix to include three fast fashion international retailers with the first stage to be completed in the second half of 2016.

Key Metrics as at 31 December 2015

General

Ownership Interest 100% GPT Acquired (by GPT) December 1977 Asset Type Super Regional Centre Construction/Refurbishment Completed 1979 / Refurbished 1989, 2011

Centre Details

Total GLA¹ 90,200 sqm Number of Tenancies¹ 315 Car Parking Spaces 3,450 Specialty Expiry Profile by Base Rent 2016: 34% 2017: 26% 2018: 10% Retail Occupancy 98.9%

Sustainability

Current Valuation

Current Valuation
Fair Value	$859.2m
Capitalisation Rate	5.75%
Terminal Capitalisation Rate	6.00%
Discount Rate	8.00%
Valuation Type	Internal
Income (12 months)	$47.2m

Sales Information

Sales Information
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover	TotalCentre Specialties
	$6,916 $10,706 10.7% 15.2% $539.5m

Key Tenants

KeyTenants
Myer Big W Target Woolworths Reading Cinemas Coles	Area (sqm) ExpiryDate
	11,500 October 2035 7,750 October 2030 5,590 January 2027 4,800 August 2030 4,580 October 2025 4,320 August 2030

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Water Intensity Emissions Intensity Operational Waste
1,400 (litres/m [2] ) 100 (kg C02-e/m [2] ) 90% (% reused/recycled)
1,200 80%
80 70%
1,000
60%
800 60 50%
600 70% 40 68% 40%30% Recycling
400 rate of
reduction 20 reduction 20%
200 since 2005 since 2005 70%
10%
0 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Pre-Development Impact.

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Highpoint Shopping Centre Victoria

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GPT
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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 2015

General Ownership Interest 16.67% GPT 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

Acquired (by GPT) Asset Type Construction/Refurbishment	August 2009 Super Regional Centre Main Centre: Completed 1975 / Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990
Centre Details
Total GLA	153,100 sqm
Number of Tenancies Car Parking Spaces Specialty Expiry Profle by Base Rent	483 7,276 2016: 22% 2017: 15%
	2018: 24%
Retail Occupancy	99.9%

Current Valuation

Current Valuation
Fair Value1	$344.7m
Capitalisation Rate Terminal Capitalisation Rate Discount Rate	5.13% 5.25% 8.00%
Valuation Type Income (12 months)	Internal $18.2m

Sales Information

Sales Information
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover	TotalCentre Specialties
	$6,807 $10,594 13.5% 19.3% $967.9m

Key Tenants

Key Tenants
Myer David Jones Target Hoyts Big W Woolworths	Area (sqm) ExpiryDate
	19,120 June 2021 14,000 March 2033 9,920 July 2020 9,030 April 2019 8,160 June 2025 4,240 October 2032

Sustainability

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Water Intensity Emissions Intensity Operational Waste
1,200 (litres/m [2] ) 120 (kg C02-e/m [2] ) 35% (% reused/recycled)
1,000 30%
90
25%
800
20%
600 60
16% 66% 15% Recycling
400 reduction reduction 10% rate of
200 since 2005 30 since 2005 5% 30%
0 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Includes Homemaker City Maribyrnong.

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Melbourne Central Victoria

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GPT
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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 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 2015

General
Ownership Interest	100% GPT
Acquired (by GPT)	May 1999
Asset Type	City Centre
Construction/Refurbishment	Completed 1991 /
	Refurbished 2005, 2011
Centre Details
Total GLA	54,700 sqm
Number of Tenancies Car Parking Spaces Specialty Expiry Profle by Base Rent	301 822 2016: 27%
	2017: 15%
	2018: 13%
Retail Occupancy	98.8%

Current Valuation

Current Valuation
Fair Value¹ Capitalisation Rate² Terminal Capitalisation Rate² Discount Rate² Valuation Type Income (12 months) Sales Information	$1,129.3m 5.25% 5.50% 8.00% External $64.1m
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover Key Tenants	TotalCentre Specialties
	$9,079 $10,954 16.7% 20.1% $443.0m
Hoyts Coles	Area (sqm) ExpiryDate
	7,710 September 2020 1,310 September 2019

Sustainability

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Water Intensity Emissions Intensity Operational Waste
2,100 (litres/m [2] ) 250 (kg C02-e/m [2] ) 30% (% reused/recycled)
25%
2,050 200
20%
2,000 150
15%
1,950 100 58% 10% Recycling rate of
reduction
1,900 50 since 2005 5% 18%
1,850 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Retail component only.
Includes retail and car park.

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Rouse Hill Town Centre

~~New South Wales~~

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GPT
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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 2015

General

Ownership Interest 100% GPT Acquired (by GPT) Stage 1: September 2007 Stage 2: March 2008 Asset Type Regional Centre Construction/Refurbishment Completed 2008

Centre Details

Total GLA 69,700 sqm Number of Tenancies 245 Car Parking Spaces 2,767 Specialty Expiry Profile by Base Rent 2016: 12% 2017: 14% 2018: 29% Retail Occupancy 100.0%

Current Valuation

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Income (12 months) Sales Information	$542.0m 5.75% 6.00% 8.25% External $31.5m
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover	TotalCentre Specialties
	$6,937 $8,179 9.1% 14.3% $418.9m

Key Tenants

Key Tenants
Big W Target Reading Cinemas Woolworths Coles	Area (sqm) ExpiryDate
	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)
1,200 70 90%
80%
1,000 60
70%
50
800 60%
40 50%
600
30 40% Recycling
400 30% rate of
20
20%
200 10 60%
10%
0 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Note: This asset not operational in baseline year (2005).

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Sunshine Plaza

~~Queensland~~

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GPT
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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 2015

General

Ownership Interest 50% GPT Co-Owner Australian Prime Property Fund Retail (50%) Acquired (by GPT) December 1992 Asset Type Major Regional Centre Construction/Refurbishment Completed 1994 / Refurbished 2002

Centre Details

Total GLA 73,400 sqm Number of Tenancies 249 Car Parking Spaces 3,546 Specialty Expiry Profile by Base Rent 2016: 32% 2017: 19% 2018: 20% Retail Occupancy 96.9%

Current Valuation

Current Valuation
Fair Value	$415.8m
Capitalisation Rate	5.75%
Terminal Capitalisation Rate	6.00%
Discount Rate	8.50%
Valuation Type	Internal
Income (12 months)	$23.9m

Sales Information

Sales Information
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover	TotalCentre Specialties
	$8,556 $11,707 11.1% 18.5% $522.6m

Key Tenants

Key Tenants
Myer Target Kmart Coles BCC Cinemas Woolworths	Area (sqm) ExpiryDate
	12,890 July 2024 6,920 July 2018 6,590 September 2020 5,850 February 2033 4,690 November 2022 3,880 November 2022

Sustainability

Operational Waste (% reused/recycled)

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,400 92 60%
1,200 90
50%
88
1,000
86 40%
800 84
30%
600 35% 82 25% Recycling
400 reduction 80 reduction 20% rate of
200 since 2005 78 since 2005 10% 44%
76
0 74 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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~~Westfeld Penrith New South Wales~~

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GPT
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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 2015

General

Ownership Interest 50% GPT Co-Owner Scentre Group (50%) Acquired (by GPT) June 1971 Asset Type Super Regional Centre Construction/Refurbishment Completed 1971 / Refurbished 2005

Centre Details

Total GLA 90,400 sqm Number of Tenancies 313 Car Parking Spaces 3,603 Specialty Expiry Profile by Base Rent 2016: 40% 2017: 17% 2018: 12% Retail Occupancy 100.0%

Current Valuation

Current Valuation
Fair Value	$591.8m
Capitalisation Rate	5.50%
Terminal Capitalisation Rate	5.75%
Discount Rate	8.25%
Valuation Type	Internal
Income (12 months)	$33.6m

Sales Information

Sales Information
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover	TotalCentre Specialties
	$7,664 $11,867 12.2% 17.8% $627.5m

Key Tenants

Key Tenants
Myer Big W Target Hoyts Woolworths Aldi	Area (sqm) ExpiryDate
	20,110 July 2033 8,740 March 2037 7,100 July 2019 4,790 April 2018 3,800 March 2032 1,620 November 2028

Sustainability

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,600 140 50%
1,580 19% 120
1,560 reduction 40%
1,540 since 2005 100
1,5201,500 80 30%
1,4801,460 60 38% 20% Recycling rate of
1,440 40 reduction
1,420 since 2005 10% 45%
20
1,400
1,380 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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~~Casuarina Square Northern Territory~~

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GWSCF
Portfolio
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Casuarina Square, Northern Territory

Key Metrics as at 31 December 2015

General

Ownership Interest 50% GWSCF Co-Owner GPT (50%) Acquired (by GWSCF) June 2012 Asset Type Regional Centre Construction/Refurbishment Completed 1973 / Refurbished 1998

Current Valuation

Current Valuation
Fair Value1	$285.5m
Capitalisation Rate2	5.75%
Terminal Capitalisation Rate2	6.00%
Discount Rate2	8.00%
Valuation Type	External

Centre Details

Total GLA 53,000 sqm Number of Tenancies 181 Car Parking Spaces 2,410 Specialty Expiry Profile by Base Rent 2016: 30% 2017: 16% 2018: 16% Retail Occupancy 99.7%

Sales Information

Sales Information
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover KeyTenants	TotalCentre Specialties
	$8,480 $11,472 10.1% 15.8% $389.1m
Kmart Big W Woolworths BCC Cinemas Coles	Area (sqm) ExpiryDate
	7,450 September 2030 6,130 December 2030 5,020 June 2018 4,120 December 2018 3,750 December 2020

Sustainability

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Includes retail and student accommodation.
Retail component only.

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Chirnside Park

~~Victoria~~

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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, over 100 specialty stores and an eight-screen Reading Cinema. The centre provides an excellent convenience offer in the north-eastern region of Melbourne.

Key Metrics as at 31 December 2015

General
Ownership Interest	100% GWSCF
Acquired (by GWSCF)	March 2007
Asset Type	Regional Centre
Construction/Refurbishment	Completed 1979 /
	Refurbished 1999, 2002
Centre Details
Total GLA	37,900 sqm
Number of Tenancies	115
Car Parking Spaces	2,045
Specialty Expiry Profle by Base Rent	2016: 29%
	2017: 16%
	2018: 19%
Retail Occupancy	100.0%

Current Valuation

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Sales Information	$255.2m 6.50% 6.75% 8.50% Internal
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover Key Tenants	TotalCentre Specialties
	$7,999 $11,308 7.9% 15.8% $269.3m
Kmart Target Woolworths Reading Cinemas Coles Aldi	Area (sqm) ExpiryDate
	8,250 June 2028 4,770 July 2018 4,180 September 2019 3,500 June 2026 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)
1,200 80 35%
34% Recycling
1,000
60 33% rate of
800 32% 33%
31%
600 40
30%
400 24% 60% 29%
reduction 20 reduction 28%
200 since 2005 since 2005
27%
0 0 26%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Highpoint Shopping Centre Victoria

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GWSCF
Portfolio
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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 2015

General

Ownership Interest 58.33% GWSCF 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

Centre Details

Total GLA 153,100 sqm Number of Tenancies 483 Car Parking Spaces 7,276 Specialty Expiry Profile by Base Rent 2016: 22% 2017: 15% 2018: 24% Retail Occupancy 99.9%

Current Valuation

Fair Value¹ $1,206.4m Capitalisation Rate 5.13% Terminal Capitalisation Rate 5.25% Discount Rate 8.00% Valuation Type Internal

Sales Information

Total Centre Specialties Sales Turnover $6,807 $10,594 per Square Metre Occupancy Costs 13.5% 19.3% Annual Centre Turnover $967.9m

Key Tenants

Key Tenants
Myer David Jones Target Hoyts Big W Woolworths	Area (sqm) ExpiryDate
	19,120 June 2021 14,000 March 2033 9,920 July 2020 9,030 April 2019 8,160 June 2025 4,240 October 2032

Sustainability

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Water Intensity Emissions Intensity Operational Waste
1,200 (litres/m [2] ) 120 (kg C02-e/m [2] ) 35% (% reused/recycled)
1,000 100 30%
25%
800 80
20%
600 60
16% 66% 15% Recycling
400 reduction 40 reduction 10% rate of
200 since 2005 20 since 2005 5% 30%
0 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Includes Homemaker City Maribyrnong.

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Macarthur Square New South Wales

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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.

In July 2015, the co-owners announced that work has begun on a $240 million re-development of the centre, adding approximately 16,000 square metres to the property and including a new full line Coles, Aldi and Harris Scarfe, and refurbished David Jones, Woolworths and Target stores. The development also adds approximately 45 specialty stores, a fresh food market hall, new dining offer and improved car parking.

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

Key Metrics as at 31 December 2015

KeyMetrics as at 31 December 2015
General Ownership Interest 50% GWSCF Co-Owner Australian Prime Property Fund Retail (50%) Acquired (by GWSCF) March 2007 Asset Type Major Regional Centre Construction/Refurbishment Completed 1979 / Refurbished 2006 Centre Details Total GLA¹ 94,600 sqm Number of Tenancies¹ 303 Car Parking Spaces¹ 3,600 Specialty Expiry Profle by Base Rent 2016: 40% 2017: 19% 2018: 15% Retail Occupancy 99.9%	Current Valuation
	Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Sales Information	$440.0m 5.75% 6.00% 8.00% Internal
	Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover Key Tenants2	TotalCentre Specialties
		$6,434 $9,791 11.2% 17.1% $572.8m
	David Jones Big W Event Cinemas Target Woolworths Coles Aldi	Area (sqm) ExpiryDate
		6,900 April 2032 8,790 September 2019 6,090 March 2021 5,310 April 2028 4,190 November 2035 4,650 October 2033 1,500 June 2032

Sustainability

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,240 90 60%
1,220 80
1,200 50%
70
1,180
60 40%
1,160
1,140 50
30%
1,120 24% 40 38% Recycling
1,100 30 20% rate of
1,080 reduction reduction
1,060 since 2005 20 since 2005 10% 37%
1,040 10
1,020 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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1. Pre-Development Impact.
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Post Development Completion.

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Northland Shopping Centre

~~Victoria~~

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GWSCF
Portfolio
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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 2015

General

Ownership Interest 50% GWSCF Co-Owner Vicinity Centres (50%) Acquired (by GWSCF) May 2014 Asset Type Super Regional Centre Construction/Refurbishment Completed 1966 / Last refurbished 2009

Centre Details

Total GLA 97,200 sqm Number of Tenancies 322 Car Parking Spaces 4,640 Specialty Expiry Profile by Base Rent 2016: 42% 2017: 12% 2018: 10% Retail Occupancy 100.0%

Current Valuation

Fair Value $475.0m Capitalisation Rate 5.75% Terminal Capitalisation Rate 6.00% Discount Rate 7.75% Valuation Type External

Sales Information

Sales Information
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover Key Tenants	TotalCentre Specialties
	$5,799 $8,317 13.4% 20.2% $514.8m
Myer Target Kmart Hoyts Coles Woolworths Aldi	Area (sqm) ExpiryDate
	18,510 June 2028 6,890 November 2024 6,500 March 2024 6,180 December 2017 4,220 December 2023 4,030 July 2019 1,500 November 2024

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~~Norton Plaza~~

~~New South Wales~~

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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 the Sydney CBD 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 2015

General

General
Ownership Interest	100% GWSCF
Acquired (by GWSCF)	March 2007
Asset Type	Neighbourhood Centre
Construction/Refurbishment	Completed late 1990s and 2000

Centre Details

Centre Details
Total GLA	11,800 sqm
Number of Tenancies	51
Car Parking Spaces	485
Specialty Expiry Profle by Base Rent	2016: 15%
	2017: 13%
	2018: 13%
Retail Occupancy	100.0%

Current Valuation

Current Valuation
Fair Value	$123.0m
Capitalisation Rate	6.50%
Terminal Capitalisation Rate	6.75%
Discount Rate	8.50%
Valuation Type	Internal

Sales Information

Sales Information
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover Key Tenants	TotalCentre Specialties
	$14,159 $11,856 6.4% 13.7% $121.8m
Coles	Area (sqm) ExpiryDate
	3,770 November 2019

Sustainability

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,420 140 60%
1,400 30% 120 50% Recycling
rate of
reduction
1,380 100
since 2007 40% 50%
1,360 80
30%
1,340 60 70% 20%
1,320 40 reduction
1,300 20 since 2007 10%
1,280 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Note: This asset not operational in baseline year (2005).

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~~Parkmore Shopping Centre Victoria~~

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GWSCF
Portfolio
----- End of picture text -----

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 2015

General
Ownership Interest	100% GWSCF
Acquired (by GWSCF)	March 2007
Asset Type	Regional Centre
Construction/Refurbishment	Completed 1973 / Refurbished 1995, 2007
Centre Details
Total GLA	36,800 sqm
Number of Tenancies	131
Car Parking Spaces	2,630
Specialty Expiry Profle by Base Rent	2016: 36%
	2017: 21%
	2018: 8%
Retail Occupancy	99.1%

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Sales Information	$251.0m 6.25% 6.50% 8.00% External
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover Key Tenants	TotalCentre Specialties
	$7,372 $8,673 7.8% 15.3% $253.3m
Kmart Big W Coles Woolworths	Area (sqm) ExpiryDate
	8,390 September 2017 6,670 November 2015 3,850 August 2024 3,490 July 2027

Sustainability

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Water Intensity Emissions Intensity Operational Waste
1,000 (litres/m [2] ) 120 (kg C02-e/m [2] ) 50% (% reused/recycled)
900 45%
100
800 40%
700 35%
80
600 30%
500 60 25%
400 15% 49% 20% Recycling
40 rate of
300 reduction reduction 15%
200 since 2005 20 since 2005 10% 42%
100 5%
0 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Note: This asset not operational in baseline year (2005).

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~~Westfeld Woden Australian Capital Territory~~

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GWSCF
Portfolio
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Westfield Woden, Australian Capital Territory

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 2015

General
Ownership Interest	50% GWSCF
Co-Owner	Scentre Group (50%)
Acquired (by GWSCF)	June 2012
Asset Type	Major Regional Centre
Construction/Refurbishment	Completed 1972 / Refurbished 2000
Centre Details
Total GLA	74,400 sqm
Number of Tenancies	234
Car Parking Spaces	2,335
Specialty Expiry Profle by Base Rent	2016: 31%
	2017: 17%
	2018: 16%
Retail Occupancy	98.3%

Current Valuation
Fair Value	$297.5m
Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%
Discount Rate	8.00%
Valuation Type	External

Sales Information
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover	TotalCentre Specialties
	$5,964 $8,992 12.0% 18.6% $363.9m

Key Tenants

Key Tenants
David Jones Big W Woolworths Hoyts Coles	Area (sqm) ExpiryDate
	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)
1,500 100 45%
1,4501,400 reduction 23% 908070 40%35%
1,350 since 2005 60 30%
25%
1,300 50
1,250 4030 reduction 40% 20%15% Recycling rate of
1,200 20 since 2005 10% 42%
1,150 10 5%
1,100 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Wollongong Central New South Wales

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GWSCF
Portfolio
----- End of picture text -----

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 2015

General

General
Ownership Interest	100% GWSCF
Acquired (by GWSCF)	March 2007
Asset Type	City Centre
Construction/Refurbishment	Completed 1975 / Refurbished 1985, 2009, 2014
Centre Details
Total GLA	56,600 sqm
Number of Tenancies	230
Car Parking Spaces	2,000
Specialty Expiry Profle by Base Rent	2016: 24%
	2017: 8%
	2018: 6%
Retail Occupancy	98.2%

Current Valuation

Current Valuation
Fair Value1 Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Sales Information2	$393.5m 6.00% 6.25% 8.00% External
Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover	TotalCentre Specialties
	$5,719 $7,809 13.0% 18.2% $262.3m

Key Tenants

Key Tenants
Myer Coles Target	Area (sqm) ExpiryDate
	12,140 October 2016 4,080 October 2034 2,640 October 2024

Sustainability

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 100 60%
50%
800 80
40%
600 60
30%
400 55% 40 38% Recycling
20% rate of
reduction reduction
200 since 2005 20 since 2005 10% 32%
0 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Development impacted.
Includes ancillary properties.

GPT Annual Result Office Portfolio 2015

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~~Australia Square 264 George Street, Sydney~~

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GPT
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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, Bond and Pitt Streets, and Curtin Place. The complex comprises the 48 level circular tower building, the adjacent 13 level plaza building, the O Bar revolving restaurant, a substantial car park, and external plaza courtyard.

The Tower at Australia Square has achieved a 4.5 star NABERS Energy rating and a 3.5 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 2015

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 76 WALE (by income) 4.5 years

Current Valuation

Current Valuation
Fair Value	$342.4m
Capitalisation Rate	6.12%
Terminal Capitalisation Rate	6.28%
Discount Rate	7.80%
Valuation Type	Internal
Income (12 months)	$22.3m
Ofce Occupancy
Actual	99.2%
Including Signed Leases	99.3%
Including Heads of Agreement	99.3%

Key Tenants

Key Tenants
HWL Ebsworth Origin Energy	Area (sqm) ExpiryDate
	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) 2016 2%
1,200 120 64%
2017 11%
63%
1,000 100 2018 22%
62%
2019 17%
800 80 61%
2020 20%
60% 2021 11%
600 60
59% 2022 1%
400 25% 40 30% 58% Recycling 2023 2%
rate of
reduction reduction 57% 2024 2%
200 since 2005 20 since 2005 63%
56% 2025
0 0 55% 2026+ 11%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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~~Citigroup Centre~~

~~2 Park Street, Sydney~~

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GPT
Citigroup Centre, 2 Park Street, Sydney
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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 is connected to a four level retail podium which has access 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 2015

General
Ownership Interest	50% GPT
Co-Owner	Charter Hall Ofce Trust (50%)
Acquired (by GPT)	December 2001
Asset Quality	Premium Grade
Construction/Refurbishment	Completed 2000
Property Details
Ofce	73,200 sqm
Retail	500 sqm
Car Parking Spaces	282
Typical Floor Plate	1,770 sqm
Ofce Tenant Details
Number of Tenancies	39
WALE (by income)	6.5 years

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Income (12 months) Ofce Occupancy	$490.0m 5.88% 6.13% 7.38% External $30.1m
Actual Including Signed Leases Including Heads of Agreement Key Tenants	96.8% 96.8% 96.8%
Citibank Gilbert + Tobin	Area (sqm) ExpiryDate
	15,030 July 2024 9,280 June 2016

Sustainability

Lease Expiry Profile

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----- Start of picture text -----

Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2016 4%
700 100 84%
2017 9%
680 90
82% 2018 1%
660 80
70 80% 2019 8%
640
2020 10%
60
620 78% 2021 10%
50
600 58% 40 41% 76% Recycling 2022 8%
580 reduction 30 reduction 74% rate of 2023 14%
560 since 2005 20 since 2005 75% 2024 26%
540 10 72% 2025 27%
520 0 70% 2026+ 10%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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~~MLC Centre~~

~~19 Martin Place, Sydney~~

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GPT
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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 MLC 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 2015

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 and 2015

Property Details

Office 67,400 sqm Retail 5,400 sqm Car Parking Spaces 307 Typical Floor Plate 1,200 sqm Office Tenant Details Number of Tenancies 52 WALE (by income) 6.3 years

Current Valuation

Fair Value $459.8m Capitalisation Rate 6.13% Terminal Capitalisation Rate 6.50% Discount Rate 7.75% Valuation Type External Income (12 months) $20.6m

Office Occupancy

Ofce Occupancy
Actual	77.8%
Including Signed Leases	94.0%
Including Heads of Agreement	96.1%

Key Tenants

Key Tenants
Government - NSW Tresscox Lawyers	Area (sqm) Expiry Date
	5,000 June 2016 / March 2020 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)
2016 3%
1,000 140 80%
2017 7%
120 70% 2018 7%
800
60% 2019 10%
100
600 50% 2020 16%
80
2021 11%
40%
400 63% 60 65% 30% Recyclingrate of 2022 7%
reduction reduction 2023 10%
40
200 since 2005 since 2005 20% 2024 13%
20 10% 2025 3%
2026+ 15%
0 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
30%
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~~Governor Phillip & Governor Macquarie Towers~~

~~1 Farrer Place, Sydney~~

==> picture [596 x 842] intentionally omitted <==

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GPT
Governor Phillip & Governor Macquarie Towers, 1 Farrer Place, Sydney
1 Farrer Place is regarded as Sydney’s pre-eminent office building with expansive harbour views. The complex consists of 85,600 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 4.5 star NABERS Energy rating and a 3.0 star NABERS Water rating. Governor Phillip Tower has achieved a 4.0 star NABERS Energy rating and a 3.0 star
NABERS Water rating.
Key Metrics as at 31 December 2015
General Current Valuation
Ownership Interest 25% GPT Fair Value $377.7m
Co-Owners Dexus Property Group (50%) Capitalisation Rate 5.50%
APPF Commercial (25%)
Terminal Capitalisation Rate 5.75%
Acquired (by GPT) December 2003
Discount Rate 7.50%
Asset Quality Premium Grade
Valuation Type Internal
Construction/Refurbishment Completed 1993 / 1994
Income (12 months) $17.4m
Property Details Office Occupancy
Office 85,300 sqm Actual 62.1%
Retail 300 sqm Including Signed Leases 76.4%
Car Parking Spaces 654 Including Heads of Agreement 78.7%
Typical Floor Plate GPT: 1,450 sqm
GMT: 1,200 sqm
Office Tenant Details Key Tenants
Number of Tenancies 45 Area (sqm) Expiry Date
WALE (by income) 7.0 years King & Wood Mallesons 10,390 September 2026
Bank of America Merrill Lynch 5,150 August 2022
Sustainability Lease Expiry Profile
Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) 2016 5%
900 120 80%
2017 7%
70%
100 2018 10%
850
60% 2019 5%
80
800 50% 2020 4%
2021 7%
60 40%
2022 20%
750 31% 56% 30% Recycling
40 rate of 2023 5%
reduction reduction
700 since 2005 20 since 2005 20%10% 58% 20242025 8%
650 0 0% 2026+ 29%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
44
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Melbourne Central Tower

~~360 Elizabeth Street, Melbourne~~

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GPT
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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. 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 2015

General
Ownership Interest	100% GPT
Acquired (by GPT)	May 1999
Asset Quality	Premium Grade
Construction/Refurbishment	Completed 1991

Property Details
Ofce	65,600 sqm
Retail	n/a
Car Parking Spaces	n/a
Typical Floor Plate	1,480 sqm
Ofce Tenant Details
Number of Tenancies	21
WALE (by income)	3.9 years

Current Valuation

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Income (12 months) Ofce Occupancy	$469.0m 5.75% 6.00% 7.50% External $29.2m
Actual Including Signed Leases Including Heads of Agreement Key Tenants	98.2% 99.0% 99.8%
Members Equity Bank NBN Co	Area (sqm) ExpiryDate
	12,200 January 2021 10,810 December 2017 / February 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) 2016 13%
800 80 70%
2017 12%
700 70 60% 2018 11%
600 60 50% 2019 5%
500 50 2020 19%
40%
2021 29%
400 40
300 25% 30 64% 30% Recycling 2022 1%
200 reduction 20 reduction 20% rate of 20232024 6%3%
100 since 2005 10 since 2005 10% 18% 2025
0 0 0% 2026+
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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----- Start of picture text -----

CBW
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~~Corner of Bourke & William Streets, Melbourne~~

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GPT
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CBW, Corner of Bourke & William Streets, Melbourne

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 laneway which provides pedestrian access between the two office towers.

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

Key Metrics as at 31 December 2015

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 Office Tenant Details Number of Tenancies 14 WALE (by income) 4.5 years

Current Valuation

Current Valuation
Fair Value	$317.5m
Capitalisation Rate	6.25%
Terminal Capitalisation Rate	6.25%
Discount Rate	7.75%
Valuation Type	Internal
Income (12 months)	$18.7m
Ofce Occupancy
Actual	99.7%
Including Signed Leases	99.7%
Including Heads of Agreement	100.0%

Key Tenants
IAG Deloitte	Area (sqm) ExpiryDate
	28,520 June 2020 18,120 May 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) 2016 1%
600 40 25%
2017 3%
35
500 2018
20%
30 2019 10%
400 25 15% 2020 64%
2021 18%
300 20
2022 4%
15 10% Recycling
200 rate of 2023
10 2024
5%
100 5 23% 2025
2026+
0 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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~~One One One Eagle Street Brisbane~~

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----- Start of picture text -----

GPT
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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 As Built 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 2015

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

Office 63,800 sqm Retail 400 sqm Car Parking Spaces 115 Typical Floor Plate 1,450 sqm Office Tenant Details Number of Tenancies 21 WALE (by income) 7.6 years

Current Valuation

Current Valuation
Fair Value	$273.7m
Capitalisation Rate	5.75%
Terminal Capitalisation Rate	6.00%
Discount Rate	7.50%
Valuation Type	Internal
Income (12 months)	$15.5m
Ofce Occupancy
Actual	97.2%
Including Signed Leases	97.6%
Including Heads of Agreement	97.6%

Key Tenants

Key Tenants
Arrow Energy EY	Area (sqm) ExpiryDate
	14,800 February 2018 / 2019 / 2021 9,000 June 2024

Sustainability

Lease Expiry Profile

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Water Intensity Emissions Intensity Operational Waste By Income
700 (litres/m [2] ) 60 (kg C02-e/m [2] ) 50% (% reused/recycled) 2016
600 45 70%
2017 1%
500600 4050 60%40% 2018 4%
35
400500 3040 50%30% 20192020 10%3%
300400 2530 40% 2021 19%
300 81% 20 76% 30%20% RecyclingRecyclingrate of 2022 5%
200200 reduction 1520 reduction 20% rate of 2023 6%
since 2005 10 since 2005 10% 45% 2024 26%
100100 105 10% 44% 2025 10%
2026+ 20%
00 00 0%0
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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).

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~~Liberty Place~~

~~161 Castlereagh Street, Sydney~~

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GWOF
Portfolio
----- End of picture text -----

Liberty Place, 161 Castlereagh Street, Sydney

Liberty Place is a 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, a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water 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 2015

General

Ownership Interest 50% GWOF Co-Owners Blackstone (25%) ISPT (25%) Acquired (by GWOF) April 2010 Asset Quality Premium Grade Construction/Refurbishment Completed 2013

Property Details

Office 56,400 sqm Retail 2,900 sqm Car Parking Spaces 144 Typical Floor Plate 1,625 sqm Office Tenant Details Number of Tenancies 9 WALE (by income) 9.6 years

Current Valuation

	Current Valuation
	Fair Value	$535.2m
	Capitalisation Rate Terminal Capitalisation Rate Discount Rate	5.25% 5.75% 7.25%
	Valuation Type	Internal
	Ofce Occupancy
	Actual	97.1%
	Including Signed Leases	100.0%
	Including Heads of Agreement	100.0%

Key Tenants

Key Tenants
ANZ Herbert Smith Freehills	Area (sqm) ExpiryDate
	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)
900 80 70% 2016
2017
800 70 60%
2018
700
60
50% 2019
600
50 2020
500 40%
40 2021 3%
400 30% Recycling 2022
30 rate of
300 20% 2023 50%
20
200 58% 2024
100 10 10% 2025
0 0 0% 2026+ 46%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Note: This asset not operational in baseline year (2005).

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~~Darling Park 1 & 2 and Cockle Bay Wharf 201 Sussex Street, Sydney~~

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----- Start of picture text -----

GWOF
Portfolio
----- End of picture text -----

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 5.5 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 2015

General Ownership Interest 50% GWOF Co-Owners AWOF (20%) Brookfield (30%) Acquired (by GWOF) July 2006 Asset Quality Premium Grade Construction/Refurbishment Tower 1: Completed 1994 Tower 2: Completed 1999

Property Details
Ofce	101,900 sqm
Retail	9,800 sqm
Car Parking Spaces	691
Typical Floor Plate	1,900 sqm
Ofce Tenant Details
Number of Tenancies	8
WALE (by income)	8.6 years1

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Ofce Occupancy	$737.0m DP1: 5.88% DP2: 5.63% DP1: 6.13% DP2: 6.13% DP1: 7.50% DP2: 7.38% External
Actual Including Signed Leases Including Heads of Agreement Key Tenants	100.0% 100.0% 100.0%
CBA PwC	Area (sqm) ExpiryDate
	54,060 December 2020 / 2021 / 2022 36,420 December 2018

Sustainability

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1000 60 70%
50 60%
800
50%
40
600
40%
30
30%
400 22% 20 72% Recycling
20% rate of
reduction reduction
200
since 2005 10 since 2005 10% 56%
0 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Lease Expiry Profile

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By Income
2016 7%
2017
2018 88%1%
2019 14%
2020 34% 7%
2021 33%
2022 34%
2023 34%
2024
2025
2026+ 70%
DP1 DP2
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The future IAG lease has been included in the lease expiry profile.

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~~Darling Park 3 201 Sussex Street, Sydney~~

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GWOF
Portfolio
Darling Park 3, 201 Sussex Street, Sydney
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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.

Tower 3 has achieved a 5.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.

Key Metrics as at 31 December 2015

General
Ownership Interest	100% GWOF
Acquired (by GWOF)	July 2006
Asset Quality	Premium Grade
Construction/Refurbishment	Completed 2005

Property Details

Property Details
Ofce	29,800 sqm
Retail	20 sqm
Car Parking Spaces	160
Typical Floor Plate	1,500 sqm
Ofce Tenant Details
Number of Tenancies	3
WALE (by income)	6.2 years

Current Valuation

Current Valuation
Fair Value	$336.0m
Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%
Discount Rate	7.75%
Valuation Type	External
Ofce Occupancy
Actual	100.0%
Including Signed Leases	100.0%
Including Heads of Agreement	100.0%

Key Tenants

Key Tenants
Marsh Mercer RaboBank	Area (sqm) ExpiryDate
	17,780 November 2016 / December 2016 9,060 June 2026

Sustainability

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
860 70 90%
840 80%
60
820 70%
800 50
60%
780
40 50%
760
30 40% Recycling
740
30% rate of
720 20
700 20% 57%
10
680 10%
660 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Lease Expiry Profile

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By Income
2016 31%
2017
2018
2019
2020
2021 20%
2022
2023
2024 18%
2025
2026+ 31%
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Note: This asset not operational in baseline year (2005).

~~HSBC Centre 580 George Street, Sydney~~

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GWOF
Portfolio
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HSBC Centre, 580 George Street, Sydney

HSBC Centre comprises an A-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 which will provide a dramatic new office entry area and prime George Street retail space is nearing completion.

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

Key Metrics as at 31 December 2015

General Ownership Interest 100% GWOF Acquired (by GWOF) July 2006 Asset Quality A-Grade Construction/Refurbishment Completed 1988 / Refurbished 2002, 2015

Property Details

Office 37,200 sqm Retail 4,200 sqm Car Parking Spaces 141 Typical Floor Plate 1,300 sqm

Current Valuation

Current Valuation
Fair Value	$380.8m
Capitalisation Rate	6.50%
Terminal Capitalisation Rate	6.88%
Discount Rate	7.75%
Valuation Type	Internal
Ofce Occupancy
Actual	88.0%
Including Signed Leases	88.7%
Including Heads of Agreement	96.7%

Office Tenant Details

Number of Tenancies 22 WALE (by income) 3.7 years

Key Tenants

Key Tenants
HSBC Bank Australia Avant Insurance	Area (sqm) ExpiryDate
	10,680 December 2020 3,810 March 2017

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)
2016 4%
900 120 80%
2017 30%
800 70%
100 2018 5%
700
60% 2019 11%
600 80
50% 2020 37%
500 2021 10%
60 40%
400 2022
300 67% 40 61% 30% Recycling 2023 1%
rate of
200 reduction reduction 20% 2024
100 since 2005 20 since 2005 10% 50% 2025
0 0 0% 2026+ 2%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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~~workplace~~[6] ~~48 Pirrama Road, Sydney~~

workplace[6] ,

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GWOF
Portfolio
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workplace[6 ] is a waterfront A-Grade office building achieving world leading standards in environmental design and resource efficiency. workplace[6] comprises 18,200 sqm of accommodation over six levels. The building, which was developed by GPT, was the first office development to achieve 6 star Green Star ratings for Design and 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 5.5 star NABERS Energy rating and a 4.0 star NABERS Water rating.

Key Metrics as at 31 December 2015

General
Ownership Interest	100% GWOF
Acquired (by GWOF)	December 2007
Asset Quality	A-Grade
Construction/Refurbishment	Completed 2008

Property Details
Ofce	16,300 sqm
Retail	1,900 sqm
Car Parking Spaces	135
Typical Floor Plate	3,620 sqm
Ofce Tenant Details
Number of Tenancies	2
WALE (by income)	3.9 years

Current Valuation
Fair Value	$197.0m
Capitalisation Rate	6.50%
Terminal Capitalisation Rate	6.63%
Discount Rate	7.50%
Valuation Type	External
Ofce Occupancy
Actual	100.0%
Including Signed Leases	100.0%
Including Heads of Agreement	100.0%

Key Tenants

Key Tenants
Google Australia Accenture	Area (sqm) ExpiryDate
	9,850 December 2018 6,460 February 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)
2016
900 70 58%
2017
800
60 56% 2018 60%
700
50 54% 2019
600
2020
500 40 52% 2021 40%
400 30 50% Recycling 2022
300 rate of 2023
20 48%
200 51% 2024
100 10 46% 2025
0 0 44% 2026+
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Note: This asset not operational in the baseline year (2005).

~~The Zenith 821 Pacific Highway, Chatswood~~

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GWOF
Portfolio
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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 2015

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	$137.5m
Capitalisation Rate	7.25%
Terminal Capitalisation Rate	7.50%
Discount Rate	7.88%
Valuation Type	External

Property Details

Office 43,500 sqm Retail 900 sqm Car Parking Spaces 799 Typical Floor Plate 1,100 sqm

Office Occupancy

Ofce Occupancy
Actual	91.3%
Including Signed Leases	92.0%
Including Heads of Agreement	92.0%

Office Tenant Details

Number of Tenancies 27 WALE (by income) 2.9 years

Key Tenants

Key Tenants
Government – NSW Lend Lease Management Services	Area (sqm) ExpiryDate
	16,650 March 2018 / January 2020 7,350 June 2017

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)
2016 3%
900 80 80%
2017 26%
800 70 70%
2018 39%
700
60 60% 2019 5%
600
50 50% 2020 13%
500 2021 3%
40 40%
400 58% 30 64% 30% Recycling 2022 11%
300 reduction reduction rate of 2023
200 since 2005 20 since 2005 20% 58% 2024
100 10 10% 2025
0 0 0% 2026+
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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~~2 Southbank Boulevard~~

~~Melbourne~~

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GWOF
Portfolio
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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 eight podium levels comprising approximately 53,500 sqm of office accommodation. 2 Southbank Boulevard has a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

Key Metrics as at 31 December 2015

General

General
Ownership Interest	50% GWOF
Co-Owner	Frasers Property Australia (50%)
Acquired (by GWOF)	June 2014
Asset Quality	A-Grade
Construction/Refurbishment	Completed 2008
Property Details
Ofce	53,500 sqm
Retail	1,400 sqm
Car Parking Spaces	544
Typical Floor Plate	1,860 sqm
Ofce Tenant Details
Number of Tenancies	15
WALE (by income)	3.4 years

Current Valuation

Current Valuation
Fair Value	$218.7m
Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%
Discount Rate	7.75%
Valuation Type	Internal
Ofce Occupancy
Actual	95.7%
Including Signed Leases	97.4%
Including Heads of Agreement	97.4%

Key Tenants

Key Tenants
PwC Ausnet Services	Area (sqm) ExpiryDate
	22,970 May 2017 8,110 September 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)
700600 6045 60%50% 2016 2%
600500 5040 50% 2017 44%
40%
35 2018 2%
500
400 43 0 40% 2019 12%
30%
400 25 2020 27%
300300 3020 30% RecyclingRecycling 2021 4%
200 reduction 81% 2015 reduction 76% 20%20% rate ofrate of 2022 4%
200 2023
100100 since 2005 10105 since 2005 10%10% 45%48% 2024 3%
2025
00 00 0%0 2026+ 2%
20112008 20122009 20132010 20142011 20152012 20112008 20122009 20132010 20142011 20152012 20112008 20122009 20132010 20142011 2015
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~~8 Exhibition Street~~

~~Melbourne~~

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GWOF
Portfolio
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8 Exhibition Street, Melbourne

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, Southbank and further out towards Port Phillip Bay.

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

Key Metrics as at 31 December 2015

General
Ownership Interest	50% GWOF
Co-Owner	KREIT (50%)
Acquired (by GWOF)	April 2013
Asset Quality	Premium Grade
Construction/Refurbishment	Completed 2005

Property Details
Ofce	44,600 sqm
Retail	300 sqm
Car Parking Spaces	0
Typical Floor Plate	1,620 sqm
Ofce Tenant Details
Number of Tenancies	15
WALE (by income)	5.6 years

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Ofce Occupancy	$195.7m 5.63% 5.88% 7.75% Internal
Actual Including Signed Leases Including Heads of Agreement Key Tenants	91.4% 92.2% 98.3%
EY UBS	Area (sqm) ExpiryDate
	16,510 November 2017 / 2022 4,850 November 2025

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 6090 70%50% 2016 10%
500600 5080 60% 2017 7%
70 40% 2018 13%
500 50%
400 46 0 2019 5%
400 50 40%30% 2020
300300 3040 30% RecyclingRecycling 2021 9%
200200 reduction 81% 2030 reduction 76% 20%20% rate ofrate of 20222023 34%34%
100100 since 2005 102010 since 2005 10%10% 45%61% 2024 7%
2025 15%
00 00 0%0 2026+ 14%
20112008 20122009 20132010 20142011 20152012 20112008 20122009 20132010 20142011 20152012 20112008 20122009 20132010 20142011 2015
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~~Twenty8 Freshwater Place Melbourne~~

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GWOF
Portfolio
----- End of picture text -----

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 4.5 star NABERS standard and a 4 star Green Star rating under the Green Building Council of Australia Scheme.

Twenty8 Freshwater Place has a 5.5 star NABERS Energy rating and a 4.5 star NABERS Water rating.

Key Metrics as at 31 December 2015

General
Ownership Interest	50% GWOF
Co-Owner	Frasers Property Australia (50%)
Acquired (by GWOF)	August 2007
Asset Quality	A-Grade
Construction/Refurbishment	Completed 2008

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 Number of Tenancies 14 WALE (by income) 3.3 years

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Ofce Occupancy	$127.0m 6.63% 6.75% 7.75% Internal
Actual Including Signed Leases Including Heads of Agreement Key Tenants	100.0% 100.0% 100.0%
MMG Australia CPA	Area (sqm) ExpiryDate
	7,670 March 2019 7,120 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)
2016 18%
420 60 90%
2017 17%
410 80%
50 2018 5%
400 70%
2019 47%
390 40 60%
2020 8%
380 50% 2021 22%
30
370 40% Recycling 2022 22%
360 20 30% rate of 2023
350 20% 62% 2024
10
340 10% 2025
330 0 0% 2026+
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Note: This asset not operational in baseline year (2005).

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~~150 Collins Street~~

~~Melbourne~~

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GWOF
Portfolio
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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 has world-leading Environmentally Sustainable Design features that together, helped 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 2015

General
Ownership Interest	100% GWOF
Acquired (by GWOF)	July 2012
Asset Quality	A-Grade
Construction/Refurbishment	Completed 2014
Property Details
Ofce	19,000 sqm
Retail	1,000 sqm
Car Parking Spaces	143
Typical Floor Plate	1,520 sqm
Ofce Tenant Details
Number of Tenancies	2
WALE (by income)	9.9 years1

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Ofce Occupancy	$188.4m 5.75% 6.13% 7.75% Internal
Actual Including Signed Leases Including Heads of Agreement Key Tenants	100.0%1 100.0%1 100.0%1
Westpac Group VECCI	Area (sqm) ExpiryDate
	12,160 November 2026 2,800 September 2025

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)
2016 7%
700700 6045 35%50% 2016
2017
600600 5040 30% 2017 2018
40%
35 2018
500 25% 2019
43 0 2019 2020
400 25 20%30% 2020 2021
200 300 200 reduction 81% 30202015 reduction 76% 15%10%20% RecyclingRecyclingrate ofrate of 202120222023 20222023
100100 since 2005 10105 since 2005 10%5% 45%33% 2024 20242025 14%
2025
2026+ 79%
00 00 0%0 2026+
20112008 20122009 20132010 20142011 20152012 20112008 20122009 20132010 20142011 20152012 20112008 20122009 20132010 20142011 2015
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Includes rental guarantee.

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~~530 Collins Street~~

~~Melbourne~~

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GWOF
Portfolio
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530 Collins Street, Melbourne

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 5.0 star NABERS Energy rating and a 3.0 star NABERS Water rating.

Key Metrics as at 31 December 2015

General

Ownership Interest Acquired (by GWOF) Asset Quality Construction/Refurbishment

100% GWOF July 2006 Premium Grade Completed 1991 / Refurbished 2009

Property Details

Office 66,000 sqm Retail 1,600 sqm Car Parking Spaces 316 Typical Floor Plate Tower: 1,300 sqm Podium: 3,510 sqm

Office Tenant Details

Number of Tenancies 24 WALE (by income) 5.1 years

Current Valuation

Current Valuation
Fair Value	$538.1m
Capitalisation Rate	5.88%
Terminal Capitalisation Rate	6.25%
Discount Rate	7.75%
Valuation Type	Internal
Ofce Occupancy
Actual	96.9%
Including Signed Leases	97.3%
Including Heads of Agreement	97.8%

Key Tenants

Key Tenants
Suncorp Bank of Melbourne	Area (sqm) ExpiryDate
	15,450 June 2023 7,030 July 2017

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)
2016 2%
700 80 80%
2017 19%
600 70 70% 2018 9%
500 60 60% 2019 1%
50 50% 2020 14%
400
2021 13%
40 40%
300 10% 30 66% 30% Recycling 2022 7%
rate of 2023 31%
200 reduction 20 reduction 20% 2024 3%
100 since 2005 10 since 2005 10% 57% 2025
0 0 0% 2026+ 2%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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~~655 Collins Street~~

~~Melbourne~~

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GWOF
Portfolio
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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 4.0 star NABERS Energy rating and a 4.5 star NABERS Water rating.

Key Metrics as at 31 December 2015

General
Ownership Interest	100% GWOF
Acquired (by GWOF)	May 2014
Asset Quality	A-Grade
Construction/Refurbishment	Completed 2009
Property Details
Ofce	16,600 sqm
Retail	0 sqm
Car Parking Spaces	89
Typical Floor Plate	2,500 sqm
Ofce Tenant Details
Number of Tenancies	1
WALE (by income)	13.9 years

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Ofce Occupancy	$130.4m 5.50% 6.00% 8.00% Internal
Actual Including Signed Leases Including Heads of Agreement Key Tenants	100.0% 100.0% 100.0%
The Age	Area (sqm) ExpiryDate
	16,600 December 2029

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)
700 700 60 70 35% 50% 2016
600 50 60 30% 2017
40%
2018
500 50 25%
40 2019
400 40 20% 30% 2020
300 300 30 30 15% Recycling Recycling 2021
81% 76% 20% rate of rate of 2022
200100 200100 since 2005reduction 2010 20 since 2005reduction 10% 10% 5% 45% 29% 20232024
2025
0 0 0 0 0% 0 2026+ 100%
2011 2008 2012 2009 2013 2010 2014 2011 2015 2012 2011 2008 2012 2009 2013 2010 2014 2011 2015 2012 2011 2008 2012 2009 2013 2010 2014 2011 2015
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~~750 Collins Street~~

~~Melbourne~~

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GWOF
Portfolio
----- End of picture text -----

750 Collins Street, Melbourne

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 4.0 star NABERS Water rating.

Key Metrics as at 31 December 2015

General
Ownership Interest	100% GWOF
Acquired (by GWOF)	May 2014
Asset Quality	A-Grade
Construction/Refurbishment	Completed 2007
Property Details
Ofce	37,300 sqm
Retail	3,200 sqm
Car Parking Spaces	422
Typical Floor Plate	5,500 sqm
Ofce Tenant Details
Number of Tenancies	1
WALE (by income)	3.9 years

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Ofce Occupancy	$270.0m 6.75% 6.50% 7.50% External
Actual Including Signed Leases Including Heads of Agreement Key Tenants	100.0% 100.0% 100.0%
AMP	Area (sqm) ExpiryDate
	37,300 November 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)
300 700 60 45 40% 50% 2016
250 600 50 40 35% 40% 2017
35 2018
30%
500
200 40 3 2019 100%
400 25 25% 30% 2020 100%
150 30 20%
300 20 Recycling Recycling 2021
81% 76% 15% 20% rate of rate of 2022
100 reduction 20 15 reduction
200 10% 2023
100 50 since 2005 10 105 since 2005 10% 5% 45% 36% 2024
2025
0 0 0 0 0% 0 2026+
2011 2008 2012 2009 2013 2010 2014 2011 2015 2012 2011 2008 2012 2009 2013 2010 2014 2011 2015 2012 2011 2008 2012 2009 2013 2010 2014 2011 2015
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CBW
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~~Corner of Bourke & William Streets, Melbourne~~

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GWOF
Portfolio
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CBW, Corner of Bourke & William Streets, Melbourne

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

Key Metrics as at 31 December 2015

KeyMetrics as at 31 December 2015
General Ownership Interest 50% GWOF Co-Owner GPT (50%) Acquired (by GWOF) October 2014 Asset Quality A-Grade Construction/Refurbishment Completed 2009	Current Valuation Fair Value $317.5m Capitalisation Rate 6.25% Terminal Capitalisation Rate 6.25% Discount Rate 7.75% Valuation Type Internal Ofce Occupancy Actual 99.7% Including Signed Leases 99.7% Including Heads of Agreement 100.0%
Property Details Ofce 76,100 sqm Retail 5,300 sqm Car Parking Spaces 413
Typical Floor Plate 181 William Street: 1,920 sqm 550 Bourke Street: 1,510 sqm Ofce Tenant Details Number of Tenancies 14 WALE (by income) 4.5 years

Property Details
Ofce	76,100 sqm
Retail	5,300 sqm
Car Parking Spaces	413
Typical Floor Plate	181 William Street: 1,920 sqm 550 Bourke Street: 1,510 sqm
Ofce Tenant Details
Number of Tenancies	14
WALE (by income)	4.5 years

Key Tenants IAG Deloitte
	Area (sqm) ExpiryDate
	28,520 June 2020 18,120 May 2020

Sustainability

Lease Expiry Profile

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~~800/808 Bourke Street~~

~~Melbourne~~

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GWOF
Portfolio
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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 3.5 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 2015

General
Ownership Interest	100% GWOF
Acquired (by GWOF)	July 2006
Asset Quality	A-Grade
Construction/Refurbishment	Completed 2004
Property Details
Ofce	59,600 sqm
Retail	1,700 sqm
Car Parking Spaces	416
Typical Floor Plate	3,500 sqm
Ofce Tenant Details
Number of Tenancies	1
WALE (by income)	11.6 years

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Ofce Occupancy	$467.3m 5.50% 5.75% 7.25% Internal
Actual Including Signed Leases Including Heads of Agreement Key Tenants	100.0% 100.0% 100.0%
NAB	Area (sqm) ExpiryDate
	59,600 August 2027

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Sustainabilityy Lease Expiry Profile
Water Intensity Emissions Intensity Operational Waste By Income
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2016
800 30 50%
2017
700 45%
25 2018
40%
600 2019
35%
20
500 30% 2020
2021
400 15 25%
300 34% 83% 20% Recycling 2022
reduction 10 reduction 15% rate of 2023
200 since 2005 5 since 2005 10% 41% 2024
100 5% 2025
0 0 0% 2026+ 100%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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Sustainabilityy

Note: NAB has procured offsets for its emissions at 800/808 Bourke Street.

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~~Brisbane Transit Centre 151–171 Roma Street, Brisbane~~

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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 32,600 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 an A-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 2015

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
Ofce	29,400 sqm
Retail	3,200 sqm
Car Parking Spaces	754
Typical Floor Plate	East Tower: 1,030 sqm
	West Tower: 2,080 sqm
Ofce Tenant Details
Number of Tenancies	7
WALE (by income)	3.2 years

Current Valuation
Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Ofce Occupancy	$62.6m 9.00% 9.00% 9.25% Internal
Actual Including Signed Leases Including Heads of Agreement Key Tenants	47.8% 47.8% 51.6%
Australia Post DHL Express	Area(sqm) ExpiryDate
	4,160 August 2018 2,080 July 2016

Sustainability

Lease Expiry Profile

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Water Intensity Emissions Intensity Operational Waste By Income
1,400 (litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) 2016 15%
140 50%
2017 21%
1,200 45%
120 2018 42%
40%
1,000 100 35% 2019 3%
2020 13%
800 80 30%
2021 21%
25%
600 85% 60 20% Recycling 2022
rate of 2023
400 reduction 40 15%
200 since 2005 20 10%5% 37% 20242025
0 0 0% 2026+
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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~~One One One Eagle Street Brisbane~~

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GWOF
Portfolio
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One One One Eagle Street, Brisbane

The building has achieved the highest rating available, a 6 star Green Star As Built 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 2015

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 $273.7m Capitalisation Rate 5.75% Terminal Capitalisation Rate 6.00% Discount Rate 7.50% Valuation Type Internal

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 21 WALE (by income) 7.6 years

Office Occupancy

Ofce Occupancy
Actual	97.2%
Including Signed Leases	97.6%
Including Heads of Agreement	97.6%

Key Tenants

Key Tenants
Arrow Energy EY	Area (sqm) ExpiryDate
	14,800 February 2018 / 2019 / 2021 9,000 June 2024

Sustainability

Lease Expiry Profile

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Water Intensity Emissions Intensity Operational Waste By Income
700 (litres/m [2] ) 60 (kg C02-e/m [2] ) 50% (% reused/recycled)
600 45 70% 2016
500600 4050 60%40% 2017 1%
35 2018 4%
400500 3040 50% 2019 10%
30%
400 25 40% 2020 3%
300300 81% 2030 76% 30%20% RecyclingRecyclingrate of 20212022 19%5%
200200 reduction 1520 reduction 20% rate of 2023 6%
100100 since 2005 1010 since 2005 10%10% 44%45% 2024 26%
5 2025 10%
00 00 0%0 2026+ 20%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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).

~~Riverside Centre 123 Eagle Street, Brisbane~~

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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 2015

General
Ownership Interest	100% GWOF
Acquired (by GWOF)	July 2006
Asset Quality	Premium Grade
Construction/Refurbishment	Completed 1986 / Refurbished 1998, 2015

Property Details

Property Details
Ofce	51,800 sqm
Retail	4,500 sqm
Car Parking Spaces	500
Typical Floor Plate	1,500 sqm

Current Valuation

Current Valuation
Fair Value	$603.4m
Capitalisation Rate	6.25%
Terminal Capitalisation Rate	6.50%
Discount Rate	7.75%
Valuation Type	Internal
Ofce Occupancy
Actual	88.6%
Including Signed Leases	88.6%
Including Heads of Agreement	88.9%

Ofce Tenant Details
Number of Tenancies	31
WALE (by income)	3.7 years

Key Tenants

KeyTenants
PwC Deloitte	Area (sqm) ExpiryDate
	8,710 January 2019 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)
2016 3%
840 90 80%
2017 4%
820 80 70%
2018 31%
70
800 60% 2019 19%
60
780 50% 2020 24%
50 2021 14%
760 40%
40 2022 2%
740 65% 30 62% 30% Recyclingrate of 2023 2%
720 reduction 20 reduction 20% 2024
700 since 2005 10 since 2005 10% 71% 2025
680 0 0% 2026+
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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~~545 Queen Street Brisbane~~

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GWOF
Portfolio
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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 13,400 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 2015

General

Ownership Interest 100% GWOF Acquired (by GWOF) June 2007 Asset Quality A-Grade Construction/Refurbishment Completed 1991 / Redeveloped 2008

Property Details

Office 13,100 sqm Retail 300 sqm Car Parking Spaces 100 Typical Floor Plate Tower: 750 sqm Podium: 2,140 sqm

Office Tenant Details

Number of Tenancies 6 WALE (by income) 1.5 years

Current Valuation

Current Valuation
Fair Value	$82.0m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.00%
Discount Rate	8.25%
Valuation Type	n/a1
Ofce 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) ExpiryDate
	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)
2016 4%
700 70 60%
2017 65%
600 60 50% 2018 9%
2019 21%
500 50
40% 2020 21%
400 40 2021
30%
300 30 Recycling 2022
20% rate of 2023
200 20
29% 2024
100 10 10% 2025
2026+
0 0 0%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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No valuation was undertaken for 545 Queen Street in December. The asset has been sold and will settle in August 2016. The sale price has been adopted as the book value. Note: This asset not operational in baseline year (2005).

Logistics Portfolio

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GPT
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Rosehill Business Park, Camellia, NSW

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 2015

General
Ownership Interest	100% GPT
Acquired (by GPT)	May 1998

Current Valuation

Current Valuation
Fair Value	$79.0m
Capitalisation Rate	7.25%
Terminal Capitalisation Rate	7.75%
Discount Rate	8.25%
Valuation Type	External
Income (12 months)	$5.9m

Property Details
GLA	41,900 sqm
Site Area	79,700 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by Income)	2.8 years

10 Interchange Drive, Eastern Creek, NSW

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GPT
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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 2015

General
Ownership Interest	100% GPT
Acquired (by GPT)	August 2012

Current Valuation

Current Valuation
Fair Value	$30.8m
Capitalisation Rate	7.00%
Terminal Capitalisation Rate	7.00%
Discount Rate	8.50%
Valuation Type	External
Income (12 months)	$2.4m

Property Details

Property Details
GLA	15,100 sqm
Site Area	30,200 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	4.5 years

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GPT
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Connect@Erskine Park, Cnr Lockwood and Templar Road, Erskine Park, NSW

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 2015

General

General
Ownership Interest	100% GPT
Acquired (by GPT)	May 2008

Property Details

Property Details
	16–34 Templar Road	36–52 Templar Road	54–70 Templar Road	67–75 Templar Road	29–55 Lockwood Road
	(Goodman Fielder)	(Rand)	(Coles RRM)	(Target)	(TNT Express)
GLA	15,200 sqm	24,500 sqm	21,000 sqm	12,700 sqm	32,200 sqm
Site Area	39,700 sqm	62,200 sqm	43,300 sqm	22,900 sqm	75,000 sqm
Occupancy (Actual)	100.0%	100.0%	100.0%	100.0%	100.0%
Occupancy (Including Signed Leases)	100.0%	100.0%	100.0%	100.0%	100.0%
Occupancy (Including Heads of Agreement)	100.0%	100.0%	100.0%	100.0%	100.0%
WALE (by income)	13.5 years	19.1 years	19.5 years	6.1 years	14.0 years
Current Valuation
Fair Value	$51.5m	$84.3m	$135.8m	$22.5m	$81.5m
Capitalisation Rate	6.50%	6.13%	6.00%	6.75%	6.00%
Terminal Capitalisation Rate	7.75%	6.88%	6.50%	7.25%	6.50%
Discount Rate	8.50%	8.25%	7.50%	8.50%	8.00%
Valuation Type	External	Internal	Internal	External	External
Income (12 months)	$3.5m	$5.0m	$5.2m	$1.7m	$4.9m

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GPT
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2–4 Harvey Road, Kings Park, NSW

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 2015

General
Ownership Interest	100% GPT
Acquired (by GPT)	May 1999

Current Valuation

Current Valuation
Fair Value	$46.7m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.25%
Valuation Type	Internal
Income (12 months)	$4.3m

Property Details

Property Details
GLA	40,300 sqm
Site Area	64,800 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	1.7 years

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GPT
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407 Pembroke Road, Minto, NSW

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 2015

General

General
Ownership Interest	50% GPT
Co-Owner	Austrak (50%)
Acquired (by GPT)	October 2008

Current Valuation

Current Valuation
Fair Value	$25.0m
Capitalisation Rate	8.00%
Terminal Capitalisation Rate	8.00%
Discount Rate	9.25%
Valuation Type	Internal
Income (12 months)	$2.4m

Property Details

Property Details
GLA	15,300 sqm
Site Area	21,100 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	3.9 years

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GPT
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4 Holker Street, Newington, NSW

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 2015

General

General
Ownership Interest	100% GPT
Acquired (by GPT)	March 2006

Current Valuation

Current Valuation
Fair Value	$30.5m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.00%
Valuation Type	Internal
Income (12 months)	$3.4m

Property Details

Property Details
GLA	7,400 sqm
Site Area	6,800 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	1.5 years

GPT

83 Derby Street, Silverwater, NSW

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 per cent site coverage and 142 car spaces.

Key Metrics as at 31 December 2015

General

General
Ownership Interest	100% GPT
Acquired (by GPT)	August 2012

Current Valuation

Fair Value Capitalisation Rate Terminal Capitalisation Rate Discount Rate Valuation Type Income (12 months)	$29.3m 6.50% 6.75% 8.25% External $2.4m

Property Details

Property Details
GLA	17,000 sqm
Site Area	31,900 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	10.0 years

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GPT
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Town Centre, Sydney Olympic Park, NSW

The Town Centre located at Sydney Olympic Park consists of five neighbouring GPT assets that form a five hectare consolidated holding. The Town Centre provides GPT with a potential mixeduse development site.

Key Metrics as at 31 December 2015

General

Ownership Interest 100% GPT Acquired (by GPT) 2013 / 2005 / 2004 / 2010 / 2004

Property Details

Property Details
	3 Figtree Drive	5 Figtree Drive	7 Figtree Drive	6 Herb Elliott Avenue	8 Herb Elliott Avenue
GLA	6,800 sqm	8,800 sqm	3,500 sqm	4,100 sqm	3,300 sqm
Site Area	12,900 sqm	12,900 sqm	9,600 sqm	8,400 sqm	9,100 sqm
Actual	100.0%	100.0%	100.0%	0.0%	100.0%
Including Signed Leases	100.0%	100.0%	100.0%	0.0%	100.0%
Including Heads of Agreement	100.0%	100.0%	100.0%	0.0%	100.0%
WALE (by income)	1.0 years	3.1 years	1.5 years	0.0 years	4.1 years

Current Valuation

Current Valuation
Fair Value	$21.0m	$23.8m	$13.8m	$13.2m	$10.6m
Capitalisation Rate	8.25%	8.25%	n/a	n/a	n/a
Terminal Capitalisation Rate	8.75%	8.75%	n/a	n/a	n/a
Discount Rate	10.00%	9.00%	n/a	n/a	n/a
Valuation Type	Internal	Internal	Internal	Internal	Internal
Income (12 months)	$2.0m	$2.0m	$1.0m	$0.2m	$0.8m

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GPT
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Quad 1 & Quad 4, Sydney Olympic Park, NSW

Quad 1 and Quad 4 form part of an integrated office precinct 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.

The Quad 1 building has achieved 5.0 Star NABERS Energy and 5.0 Star 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 2015

General

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Ownership Interest 100% GPT
Acquired (by GPT) Completed 2001 / 2007
Property Details Current Valuation
Quad 1 Quad 4 Quad 1 Quad 4
GLA 4,600 sqm 8,100 sqm Fair Value $24.9m $41.4m
Site Area 9,400 sqm 8,000 sqm Capitalisation Rate 7.75% 6.75%
Actual 85.4% 100.0% Terminal Capitalisation Rate 7.75% 7.50%
Including Signed Leases 85.4% 100.0% Discount Rate 8.50% 8.75%
Including Heads of Agreement 89.0% 100.0% Valuation Type Internal Internal
WALE (by income) 3.9 years 14.0 years Income (12 months) $1.0m $2.9m
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GPT
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372–374 Victoria Street, Wetherill Park, NSW

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 2015

General

General
Ownership Interest	100% GPT
Acquired (by GPT)	July 2006

Current Valuation

Current Valuation
Fair Value	$19.0m
Capitalisation Rate	8.00%
Terminal Capitalisation Rate	8.00%
Discount Rate	9.00%
Valuation Type	External
Income (12 months)	$1.9m

Property Details

Property Details
GLA	20,500 sqm
Site Area	40,900 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	4.2 years

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GPT
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38 Pine Road, Yennora, NSW

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 is opposite the Yennora Intermodal Terminal.

Key Metrics as at 31 December 2015

General
Ownership Interest	100% GPT
Acquired (by GPT)	November 2013

Current Valuation

Current Valuation
Fair Value	$50.5m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.25%
Discount Rate	8.25%
Valuation Type	Internal
Income (12 months)	$4.1m

Property Details

Property Details
GLA	33,200 sqm
Site Area	73,900 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	3.2 years

100

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GPT
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Citiwest Industrial Estate, Altona North, VIC

The estate 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 2015

General
Ownership Interest	100% GPT
Acquired (by GPT)	August 1994

Current Valuation

Current Valuation
Fair Value	$66.6m
Capitalisation Rate	7.90%
Terminal Capitalisation Rate	8.51%
Discount Rate	8.87%
Valuation Type	External
Income (12 months)	$4.7m

Property Details

Property Details
GLA	90,000 sqm
Site Area	201,800 sqm
Occupancy (Actual)	65.5%
Occupancy (Including Signed Leases)	65.5%
Occupancy (Including Heads of Agreement)	65.5%
WALE (by income)	2.2 years

101

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GPT
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Citiport Business Park, Port Melbourne, VIC

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 and features a good level of underground and on-grade parking.

Key Metrics as at 31 December 2015

General
Ownership Interest	100% GPT
Acquired (by GPT)	February 2012

Current Valuation

Current Valuation
Fair Value	$68.4m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.00%
Discount Rate	8.50%
Valuation Type	Internal
Income (12 months)	$4.2m

Property Details

Property Details
GLA	27,000 sqm
Site Area	25,500 sqm
Occupancy (Actual)	90.2%
Occupancy (Including Signed Leases)	91.1%
Occupancy (Including Heads of Agreement)	91.1%
WALE (by income)	3.4 years

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Austrak Business Park, Somerton, VIC

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 2015

General
Ownership Interest	50% GPT
Co-Owners	Austrak (50%)
Acquired (by GPT)	October 2003

Current Valuation

Current Valuation
Fair Value	$155.1m
Capitalisation Rate	6.67%
Terminal Capitalisation Rate	6.86%
Discount Rate	7.82%
Valuation Type	External
Income (12 months)	$9.6m

Property Details

Property Details
GLA	205,300 sqm
Site Area	661,000 sqm
Occupancy (Actual)	92.0%
Occupancy (Including Signed Leases)	92.0%
Occupancy (Including Heads of Agreement)	92.0%
WALE (by income)	9.2 years

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16–28 Quarry Road, Yatala, QLD

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 2015

General
Ownership Interest	100% GPT
Acquired (by GPT)	November 2013
Property Details
GLA	40,800 sqm
Site Area	81,500 sqm
Occupancy (Actual)	94.9%
Occupancy (Including Signed Leases)	94.9%
Occupancy (Including Heads of Agreement)	94.9%
WALE (by income)	1.1 years

Current Valuation

Current Valuation
Fair Value	$47.4m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.00%
Discount Rate	9.50%
Valuation Type	Internal
Income (12 months)	$4.3m

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59 Forest way, Karawatha, QLD

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 2015

General
Ownership Interest	100% GPT
Construction	Completed April 2014
Property Details
GLA	44,000 sqm
Site Area	134,300 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	13.2 years

Current Valuation

Current Valuation
Fair Value	$98.6m
Capitalisation Rate	6.50%
Terminal Capitalisation Rate	7.25%
Discount Rate	8.50%
Valuation Type	Internal
Income (12 months)	$6.6m

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3 Murray Rose Avenue, Sydney Olympic Park, NSW

3 Murray Rose Avenue is a campus style business park A-Grade office building which comprises approximately 13,300 sqm of office space and 226 car spaces. The five floor suburban office building was completed in March 2015 and was developed as the national headquarters for Samsung. 3 Murray Rose Avenue incorporates modern urban design and has achieved a 5 star Green Star Design Rating. The asset has sustainability targets of a 5 star Green Star As Built Rating and 5 star NABERS Energy and Water Ratings.

Key Metrics as at 31 December 2015

General Ownership Interest 100% GMF Acquired (by GMF) September 2014 Asset Quality A-Grade Construction/Refurbished Completed 2015 PropertyDetails Ofce 13,300 sqm Retail 0 sqm Car Parking Spaces 226 Typical Floor Plate 2,700 sqm Ofce Tenant Details Number of Ofce Tenants 1 WALE (by income) 6.2 years KeyTenants Area (sqm) ExpiryDate Samsung 13,300 March 2022	Current Valuation
	Fair Value $86.0m Capitalisation Rate 6.75% Terminal Capitalisation Rate 7.00% Discount Rate 8.00% Valuation Type External Ofce Occupancy
	Actual 100.0% Including Signed Leases 100.0% Including Heads of Agreement 100.0% Lease ExpiryProfle 100% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 79% 2026+ By Income

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5 Murray Rose Avenue, Sydney Olympic Park, NSW

5 Murray Rose Avenue forms part of the Sydney Olympic Park precinct and is a 12,300 sqm commercial building over five levels, with a 6 star Green Star As Built Rating. The asset is awardwinning, being recognised by the Property Council of Australia for Best Sustainable Development in 2014 and the Urban Development Institute of Australia NSW for Excellence in Sustainable Development in 2013.

Key Metrics as at 31 December 2015

General Ownership Interest 100% GMF Acquired (by GMF) August 2014 Asset Quality A-Grade Construction/Refurbished Completed 2012 PropertyDetails Ofce 12,300 sqm Retail 100 sqm Car Parking Spaces 229 Typical Floor Plate 2,600 sqm Ofce Tenant Details Number of Ofce Tenants 1 WALE (by income) 8.3 years KeyTenants Area (sqm) ExpiryDate Lion 12,300 April 2024	Current Valuation
	Fair Value $86.7m Capitalisation Rate 6.50% Terminal Capitalisation Rate 6.75% Discount Rate 7.75% Valuation Type External Ofce Occupancy
	Actual 100.0% Including Signed Leases 100.0% Including Heads of Agreement 100.0% Lease ExpiryProfle 100% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ By Income

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Quad 2, Sydney Olympic Park, NSW

Quad 2 is part of the Quad Business Park which is characterised by low rise buildings set in a parkland environment, with large floorplates, good natural light and a high car parking ratio. The asset, with 5,100 sqm of office space over four levels, is located close to significant infrastructure, public recreational and retail amenities.

Key Metrics as at 31 December 2015

General
Ownership Interest	100% GMF
Acquired (by GMF)	August 2014
Asset Quality	A-Grade
Construction/Refurbished	Completed 2002

Property Details

PropertyDetails
Ofce	5,100 sqm
Retail	0 sqm
Car Parking Spaces	135
Typical Floor Plate	1,700 sqm
Ofce Tenant Details
Number of Ofce Tenants	6
WALE (by income)	3.6 years
KeyTenants	Area (sqm)	ExpiryDate
Universities Admissions Centre	2,100	March 2022
BSA Limited	1,730	July 2017

Current Valuation

Current Valuation
Fair Value	$26.7m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.00%
Discount Rate	8.75%
Valuation Type	Internal
Ofce Occupancy
Actual	93.7%
Including Signed Leases	93.7%
Including Heads of Agreement	100.0%

Lease Expiry Profile

By Income

2016
2017	44%
2018	15%
2019
2020
2021
2022	41%
2023
2024
2025
2026+

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Quad 3, Sydney Olympic Park, NSW

Quad 3 is part of the Quad Business Park which is characterised by low rise buildings set in a parkland environment, with large floorplates, good natural light and a high car parking ratio. The asset, with 5,200 sqm of office space over three levels, is located close to significant infrastructure, public recreational and retail amenities.

Key Metrics as at 31 December 2015

General
Ownership Interest	100% GMF
Acquired (by GMF)	August 2014
Asset Quality	A-Grade
Construction/Refurbished	Completed 2004

Current Valuation
Fair Value	$27.1m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.00%
Discount Rate	8.75%
Valuation Type	Internal

PropertyDetails
Ofce	5,200 sqm
Retail	0 sqm
Car Parking Spaces	133
Typical Floor Plate	1,800 sqm
Ofce Tenant Details
Number of Ofce Tenants	7
WALE (by income)	3.3 years

KeyTenants	Area (sqm)	ExpiryDate
Alstom Grid	1,990	April 2019
Suzanne Grae	1,280	April 2020

Ofce Occupancy
Actual	95.1%
Including Signed Leases	95.1%
Including Heads of Agreement	95.1%

Lease Expiry Profile

Lease ExpiryProfle	Lease ExpiryProfle
By Income
2016
2017	10%
2018
2019	53%
2020	37%
2021
2022
2023
2024
2025
2026+

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Vantage,

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Vantage is located in Hawthorn, six kilometres east of the Melbourne CBD. The A-Grade office building has 12,400 sqm of space across five floors of office accommodation and a car park for 455 vehicles. The property benefits from its prominent corner location, is close to a range of amenities and is easily accessible via car, tram or train.

Key Metrics as at 31 December 2015

General
Ownership Interest	100% GMF
Acquired (by GMF)	April 2014
Asset Quality	A-Grade
Construction/Refurbished	Completed 2008

Current Valuation
Fair Value	$67.1m
Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%
Discount Rate	8.75%
Valuation Type	Internal

Ofce Occupancy
Actual	69.2%
Including Signed Leases	69.2%
Including Heads of Agreement	69.2%

PropertyDetails Ofce 12,400 sqm Retail 100 sqm Car Parking Spaces 455 Typical Floor Plate 2,500 sqm Ofce Tenant Details Number of Ofce Tenants 3 WALE (by income) 4.3 years KeyTenants Area (sqm) ExpiryDate Orora (formerly Amcor Limited) 4,900 June 2018 McConnell Dowell 3,250 March 2023 Ofce Occupancy Actual Including Signed Leases Including Heads of Agreement Lease ExpiryProfle 40% 53% 7% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ By Income	Ofce Occupancy
	Actual Including Signed Leases Including Heads of Agreement	69.2% 69.2% 69.2%
	Lease ExpiryProfle

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Optus Centre, 15 Green Square Close, Fortitude Valley, QLD

The Optus Centre is located within the growing Fortitude Valley precinct, two kilometres from the Brisbane CBD and benefits from being at the northern gateway of the Brisbane CBD. It is a modern 5 star Green Star Design building with large 1,500 square metre floor plates.

Key Metrics as at 31 December 2015

General
Ownership Interest
100% GMF
Acquired (by GMF)
November 2013
Asset Quality
A-Grade
Construction/Refurbished
Completed 2013
PropertyDetails
Ofce
16,200 sqm
Retail
300 sqm
Car Parking Spaces
150
Typical Floor Plate
1,500 sqm
Ofce Tenant Details
Number of Ofce Tenants
4
WALE (by income)
6.0 years
KeyTenants
Area (sqm)
ExpiryDate
Queensland Urban Utilities
7,310
May 2023
Optus
5,920
June 2020
Papuan Oil Search
1,840
April 2016 / July 2023
Regus
1,090
August 2021

Current Valuation

Fair Value
$119.3m
Capitalisation Rate
7.25%
Terminal Capitalisation Rate
7.38%
Discount Rate
8.50%
Valuation Type
Internal
Ofce Occupancy

Actual
100.0%
Including Signed Leases
100.0%
Including Heads of Agreement
100.0%
Lease ExpiryProfle
37%
54%
2%
7%
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026+
By Income

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AI assistant

GPT GROUP — Annual Report 2015

65009_rns_2016-02-17_1aa77308-6083-4ad2-937b-253d9353c3de.pdf

Contents

Casuarina Square, Northern Territory

Key Metrics as at 31 December 2015

Centre Details

Sales Information

Sustainability

Charlestown Square, New South Wales

Key Metrics as at 31 December 2015

General

Centre Details

Sustainability

Current Valuation

Sales Information

Key Tenants

~~Highpoint Shopping Centre Victoria~~

Highpoint Shopping Centre, Victoria

Key Metrics as at 31 December 2015

Current Valuation

Sales Information

Key Tenants

Sustainability

~~Melbourne Central Victoria~~

Melbourne Central, Victoria

Key Metrics as at 31 December 2015

Current Valuation

Sustainability

~~Rouse Hill Town Centre~~

Rouse Hill Town Centre, New South Wales

Key Metrics as at 31 December 2015

General

Centre Details

Current Valuation

Key Tenants

Sustainability

~~Sunshine Plaza~~

Sunshine Plaza, Queensland

Key Metrics as at 31 December 2015

General

Centre Details

Current Valuation

Sales Information

Key Tenants

Sustainability

Westfield Penrith, New South Wales

Key Metrics as at 31 December 2015

General

Centre Details

Current Valuation

Sales Information

Key Tenants

Sustainability

Casuarina Square, Northern Territory

Key Metrics as at 31 December 2015

General

Current Valuation

Centre Details

Sales Information

Sustainability

~~Chirnside Park~~

Chirnside Park, Victoria

Key Metrics as at 31 December 2015

Current Valuation

Sustainability

~~Highpoint Shopping Centre Victoria~~

Highpoint Shopping Centre, Victoria

Key Metrics as at 31 December 2015

General

Centre Details

Current Valuation

Sales Information

Key Tenants

Sustainability

~~Macarthur Square New South Wales~~

Macarthur Square, New South Wales

Key Metrics as at 31 December 2015

Sustainability

~~Northland Shopping Centre~~

GPT GROUP Annual Report 2015

Highpoint Shopping Centre Victoria

Melbourne Central Victoria

Rouse Hill Town Centre

Sunshine Plaza

Chirnside Park

Highpoint Shopping Centre Victoria

Macarthur Square New South Wales

Northland Shopping Centre

Wollongong Central New South Wales

Melbourne Central Tower