GPT GROUP — Annual Report 2022

Feb 19, 2023

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20 February 2023

2022 Annual Result Presentation

The GPT Group (‘GPT’) provides its 2022 Annual Result Presentation.

-ENDS-

This announcement is authorised for release by The GPT Group Board.

For more information, please contact:

INVESTORS Penny Berger Head of Investor Relations & Corporate Affairs +61 402 079 955

MEDIA Grant Taylor Group External Communications Manager +61 403 772 123

www.gpt.com.au

Level 51, 25 Martin Place, Sydney NSW 2000

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Agenda

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GPT acknowledges the Traditional Custodians of the lands on which our business operates. Agenda We pay our respects to Elders past, present and emerging; and to their knowledge, leadership and connections. We honour our responsibility for Country, culture and community in the places we create and how we do business.

Annual Result 2022

2022 Full year in review | Bob Johnston 4 Results and Capital management | Anastasia Clarke 8 Retail | Chris Barnett 13 Office | Martin Ritchie 22 Logistics | Chris Davis 30 Outlook and 2023 Guidance | Bob Johnston 38

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Annual Result 2022
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2022 Annual Result

Financial summary

32.4 cents

Funds From Operations per security, up 12.4%

$ 5.98

Net Tangible Assets per security, down 1.8%

25.0 cents

Distribution per security, up 7.8%

3.9 %

12 month Total Return[1]

Investment portfolio

97.5 %

Portfolio occupancy

Assets under management

$ 32.4 b

Weighted average 4.8 lease expiry yrs

Weighted average capitalisation rate

4.86 %

1. Total Return is defined as the change in Net Tangible Assets (NTA) per security plus distributions per security declared from 1 January 2022 to 31 December 2022, divided by the NTA per security at 1 January 2022.

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Queen & Collins, Melbourne
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THE GPT GROUP | 2022 ANNUAL RESULT 4
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Portfolio valuation metrics

Overall portfolio revaluation loss of $159.3m

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	Office	Logistics	Retail
2022 Valuation movement (12 months to 31 Dec 2022)	-$316.0m	+$63.4m	+$93.3m
	-5.0%	+1.4%	+1.7%
2H 2022(6 months to 31 Dec 2022)	-$322.8m	-$52.0m	-$4.0m
1H 2022(6 months to 30 Jun 2022)	+$6.8m	+$115.4m	+$97.3m
Capitalisation Rate1	5.03%	4.40%	5.03%
	(+26 bps since Jun 2022)	(+31 bps since Jun 2022)	(+5 bps since Jun 2022)
Discount Rate1	6.06%	5.75%	6.31%
	(+16 bps since Jun 2022)	(+29 bps since Jun 2022)	(+13 bps since Jun 2022)

1. Weighted average.

THE GPT GROUP | 2022 ANNUAL RESULT

5

2022 highlights

• » Funds under management expanded to $19.1b, with assets under management of $32.4b

• $2.8b UniSuper direct real estate mandate

• $2.7b Australian Core Retail Trust (ACRT)

• » Retail remixing and leasing enhancing customer experience and asset performance

• Portfolio occupancy 99.4%. Specialty sales per sqm $12,259 and occupancy cost 15.7%

• Melbourne Central sales up 73% and positioned to benefit from tourism and students

• » Logistics portfolio of $4.5b, representing 28% of the portfolio

• Four development completions and three fund-throughs totalling $460m

• $1.9b development pipeline providing access to high quality product

$ 32.4 b

Assets under management

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GPT Portfolio [1]
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Logistics
$4.5b Retail
$5.6b
$16.1b
Office
$6.0b
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• » Office portfolio leasing targeting growth segments of the market

• Delivered >33,000sqm of fitted suites

• Portfolio benefiting from flight to quality

• » Innovative solutions driving improved sustainability outcomes

• Ranked #1 real estate company in S&P Global Corporate Sustainability Assessment

• First Climate Active certified upfront embodied carbon neutral logistics development

Funds under management

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Mandates
$5.5b
$19.1b
Wholesale
Funds Partnerships
$13.1b $0.5b
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1. Includes co-investments in wholesale funds.

THE GPT GROUP | 2022 ANNUAL RESULT

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Leadership in ESG

Integrating climate response and nature positive objectives

• » Targeting to achieve Climate Active Carbon Neutral (for Buildings) certifications for all assets that GPT operationally controls and has an ownership interest in, by the end of 2024[1]

• » Partnering with Greenfleet for reforestation projects to remove 96,000 tonnes of CO2 by planting over 150,000 trees since 2019

• » Innovative Smart Energy Hub integrates solar, load flexing and battery storage for a more resilient net zero transition

How we deliver carbon neutral certified buildings and developments

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Measure emissions Reduce and eliminate Offset only residual
emissions emissions
Our impact
53 % 86 % 62 %
energy [2] emissions [2,3] water [2]
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1. The majority of Logistics assets are operationally controlled by tenants. 2. Reductions against a 2005 baseline for GPT operating assets as at December 2022.

2. Scope 1 and 2 emissions as at December 2022.

For detail see GPT’s Sustainability Report and Climate Disclosure Statement at gpt.com.au/sustainability.

THE GPT GROUP | 2022 ANNUAL RESULT

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Agenda Results and Capital management

Annual Result 2022

Financial result

$ 469.3 m

$ 620.6 m

Statutory Net Profit After Tax

Funds From Operations

($m)	2022	2021	Change
	620.6	554.5
Valuation (decreases)/increases	(159.3)	924.3
Treasury instruments marked to market and other items	8.0	(56.0)
	469.3	1,422.8
	32.40	28.82	12.4%
	562.1	520.4	8.0%
	499.0	467.5	6.7%
	25.0	23.2	7.8%
	96.0%	95.1%

THE GPT GROUP | 2022 ANNUAL RESULT 9

Segment result

Segment result
($m)	2022	2021	Change	Comments
Retail	289.8	233.9	23.9%	Movement in COVID allowances (2022: +$1.4m, 2021: -$62.9m) and rent reviews (+$8.6m), offset by sale of Casuarina and Wollongong (-$17.0m)
				Full year contribution from acquisitions and developments (+$13.3m), rent
Office	293.0	269.2	8.8%	reviews (+$10.9m), lower occupancy (-$3.5m) and less COVID allowances
				(+$3.1m)
Logistics	186.3	154.7	20.4%	Contribution from net acquisitions (+$24.2m), development completions (+$5.6m) and rental movements (+$1.8m)
Funds Management	57.4	48.3	18.8%	Higher base management fees from GWOF acquisitions and developments, part year contribution from UniSuper mandate and higher fees from GQLT
Finance costs	(139.9)	(85.2)	64.2%	Higher average cost of debt (up 80bps to 3.2%) and higher debt balance from funding developments and acquisitions
Corporate and tax	(66.0)	(66.4)	(0.6%)	Lower corporate costs (+$4.9m) offset by increased income tax (-$4.5m)
Funds From Operations	620.6	554.5	11.9%
Maintenance capex	(31.7)	(31.3)	1.3%
Lease incentives	(78.1)	(60.3)	29.5%	Primarily driven by higher Office incentives
Adjusted Funds From Operations	510.8	462.9	10.3%

THE GPT GROUP | 2022 ANNUAL RESULT 10

Interest rate hedge profile 2023-2025

61% hedged over the next 3 years at an average fixed rate of 2.9%

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Hedge profile
100%
90%
78%
80%
70%
62%
60%
50%
42%
40%
30%
3.5%
20% 3.1%
2.5%
10%
0%
Agenda 2023 2024 2025
% Hedged Hedge rate
% of Drawn debt
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8 Exhibition Street, Melbourne
THE GPT GROUP | 2022 ANNUAL RESULT 11
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Capital management

KeyStatistics	2022	2021	Comments
Net Tangible Assets per security	$5.98	$6.09	Driven by a valuation decrease of $159.3m
Net Gearing	28.5%	28.2%	Within stated range of 25%-35% and material headroom to 50% debt covenant. Modest level of development capital committed
Liquidity	$1.1b	$0.9b	Funds capital commitments and debt maturities through to early 2025
Weighted average cost of debt	3.2%	2.4%	Increased cost of debt due to RBA rate rises of 300bps in 2022
Weighted average term to maturity	6.2 years	6.3 years	Long debt maturity maintained with $285.4m of new 10-year MTNs
Interest cover ratio	5.5x	7.5x	3.5x headroom to covenant of 2.0x
Credit ratings (S&P/Moody’s)	A (neg) /A2 (stable)	A (neg) /A2 (stable)	Credit ratings within the target "A" range

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Debt maturity profile
700
As at 31 December 2022
600
500
400
300
200
100
0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Undrawn Bank Facilities Drawn Bank Facilities Medium Term Notes US Private Placements CPI Bonds
$m
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THE GPT GROUP | 2022 ANNUAL RESULT 12

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Agenda
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Retail

Annual Result 2022

Retail overview

$ 303.5 m

Segment contribution, up 23.5%

99.4 %

Portfolio occupancy, up from 99.1%

$ 13.0 b

Assets under management, up 56.7%

$ 12,259 psm Specialty sales productivity, Agenda 15.7% Specialty occupancy cost

4.5 %

Comparable income growth

5.03 %

Weighted average capitalisation rate

9.4 %

Total Specialty sales growth vs 2019

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Highpoint Shopping Centre, VIC
THE GPT GROUP | 2022 ANNUAL RESULT 14
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National retail sales growth above 20-year average

Strong Total Retail sales growth in 2022

• » Retail Sales growth up 11.4% on 2021

• Strong labour market, wage growth and household savings levels driving discretionary spending

• Retail price inflation

Store based sales have been particularly strong

• » Re-capture of online leakage

• » Physical store market share is 87.0% of all retail sales

Monthly online retail sales growth vs. Retail trade growth

(year on year)

20% Retail trade growth 15% 10% 5% 0% -5% -10% -15% -20% AgendaDec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

Retail trade growth 20-year average 4.9%

Online Sales Growth Retail Trade Growth

ADDRESS, STATE Charlestown Square, NSW | 2022 ANNUAL RESULT THE GPT GROUP | 2022 ANNUAL RESULT 15

Source: ABS Retail Trade December 2022, NAB NORSI December 2022.

Leasing momentum continues

• » Strong occupancy with high levels of deal activity and tenant retention

• » 103 retailers new to the portfolio

• » Average lease term of 4.7 years all with fixed base rents and annual increases

• » Leasing spreads improving

• » Tenants on holdover decreasing

» Tenants on holdover decreasing
	12 months	12 months
	to	to
	Dec 2022	Dec 2021
Deals Completed	581	561
Portfolio Occupancy1	99.4%	99.1%
Retention Rate2	73%	74%
Average Annual Fixed Increase2	4.4%	4.3%
Average Lease Term2	4.7 years	4.3 years
Leasing Spreads2	(2.8%)	(7.0%)
Agenda Holdovers as % of Base Rent1,2	3.3%	6.5%

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Rouse Hill Shopping Centre, NSW
THE GPT GROUP | 2022 ANNUAL RESULT 16
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1. As at period end. 2. Total Specialties.

Centre sales outperform 2019

• » 2022 delivered strong sales growth with Total Centre sales up 6.8% and Total Specialty sales up 9.4% on 2019

• Strong performance delivered across most specialty retailer categories driven by Leisure (+18.8%), Fashion (+9.8%) and Dining (+9.7%)

• Majority of centres experienced growth over 2019 with Highpoint Shopping Centre (+22.0%) and Rouse Hill Town Centre (+23.4%) delivering particularly strong gains in Total Centre sales productivity

Sales MAT growth by category 2022 vs 2019

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35.3%
30.0%
18.3% 18.8%
6.8% 12.0% 9.1% 9.4% 11.0% 9.8% 9.7% 9.0% 7.8%
3.5%
-3.0%
-21.3%
-33.5%
Total Centre Department Store Discount Dep't Store Supermarket Cinemas Other Retail Total Specialty General Retail Retail Services Leisure Jewellery Fashion Dining Homewares Health & Beauty Tech & Appliances Food Retail
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THE GPT GROUP | 2022 ANNUAL RESULT 17

Melbourne Central recovery

• » Retail sales continue to recover, with December monthly sales inline with 2019 (-0.1%)

• » Total Specialty MAT for the 12 months has improved to $14,210/sqm, down 1.5% on 2019

• Leisure (+21.4%), Food Retail (+13.7%) and Technology & Appliances (+11.5%) all trading up on 2019 MAT per square metre

• » Spend per visit has hit a historic high, 22% greater than 2019 pre-COVID

• » Leasing demand remains strong, with brands such as Calvin Klein, Lego, Lush and Under Armour introduced into the centre over the last 12 months, and Monopoly Dreams due to open first half 2023

• » Positive leasing spreads on renewing tenants

• » Office workers and international students returning to CBD will drive further growth

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Melbourne Central, VIC
THE GPT GROUP | 2022 ANNUAL RESULT 18
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Highpoint leasing and development driving record MAT

• » Successful delivery of new Coles supermarket precinct and tenant remixes bringing new brands and flagships to the market

• » Total Centre MAT reaching record high of $1.2b

• » Strong leasing demand driving occupancy up to 99.9% (December 2021 98.6%)

• » Total Specialty sales growing to $13,685/sqm and positive average leasing spreads of 3.5% for the year

• » Strengthening catchment area with masterplan approved development opportunities for mixed-used commercial and residential

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Agenda
Highpoint Shopping Centre, VIC
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Growing Funds Management

GPT appointed as manager of UniSuper and Australian Core Retail Trust (ACRT)

• » UniSuper Portfolio

• Karrinyup Shopping Centre, Western Australia

• Marrickville Metro, New South Wales

• Dapto Mall, New South Wales

• Malvern Central, Victoria

• » ACRT Portfolio

• Pacific Fair Shopping Centre, Queensland

• Macquarie Centre, New South Wales (50% ownership)

• » Seamless transition of assets, retailers and team to GPT’s Funds Management platform

• » Highly complementary to GPT’s portfolio of regional and super regional assets with the ability to leverage tenant relationships across an additional 980+ stores

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Pacific Fair Shopping Centre, QLD
THE GPT GROUP | 2022 ANNUAL RESULT 20
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Retail outlook

• » Quality of the portfolio well positioned to continue to grow sales and customer traffic

• » Household savings and low unemployment should soften the impact of interest rate increases

• » Retail sales growth expected to moderate from current high levels, but will remain positive for GPT Portfolio

• » Melbourne Central to further benefit from return of overseas students and workers

• » Retailers in healthy financial position and sentiment remains strong

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Rouse Hill Town Centre, NSW
THE GPT GROUP | 2022 ANNUAL RESULT 21
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Agenda Office

Annual Result 2022

Office overview

$ 334.9 m

Segment contribution, up 9.6%

87.9 %

Portfolio occupancy (88.5% including HoA)

4.9 yrs

Weighted average lease expiry

3.4 %

Comparable income growth

5.03 %

Weighted average capitalisation rate

$ 14.7 b

Assets under management, up 4.8%

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One One One Eagle Street, Brisbane
THE GPT GROUP | THE GPT GROUP 202| 20 2 2 ANNUAL RESULT ANNUAL RESULT 23
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Challenging office market conditions

• » Vacancy rates remain elevated with occupier demand favouring prime office space

• » Continue to see demand for fitted space with at least 43% of market briefs in Sydney CBD and Melbourne CBD requesting fitted space[1]

• » Occupiers >3,000sqm contracted by an average of 12.6%[2] with only three of the last six quarters having positive net absorption[3]

• » Smaller occupiers under 1,000sqm most active with six consecutive quarters of positive net absorption[3] and growing their footprint by an average of 20%[2]

Office CBD market metrics3	Sydney	Melbourne	Brisbane
Total Vacancy Q4 2022	14%	15.4%	13.9%
Prime Net Absorption (12 mths, sqm)	5,204	5,987	63,207
Secondary Net Absorption (12 mths, sqm)	-32,470	-19,776	-6,808
Prime Gross Effective Rental Growth (12 mths)	3.8%	1.2%	5.7%
	34.6%	39.2%	42.9%
Prime Incentive Q4 2022 (year on year change)	Gross	Net	Gross
	(+0.3pp)	(+1.0pp)	(nil)
~~Agenda~~

1. JLL Office Leasing Research Jan 2023 – Melbourne CBD and Sydney CBD. 2. Australian Office Footprint Analysis CBRE October 2022.

2. JLL Research Q4 2022 – Melbourne CBD, Sydney CBD and Brisbane CBD.

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ADDRESS, STATE
Melbourne Central Tower, Melbourne
| 2022 ANNUAL RESULT
THE GPT GROUP | 2022 ANNUAL RESULT 24
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Office portfolio leasing results

• » 104,300sqm[1] of leasing across 145 deals, for an average lease term of 4.9 years

• 85% of leases by Net Lettable Area (NLA) commenced in 2022 or in 2023

• 3.8% average gross face leasing spread

Breakdown of leasing

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52% 61% 115
48%
39%
30
Existing Customer New Customer >=1,000 sqm <1,000 sqm >=1,000 sqm <1,000 sqm
by NLA by NLA by deals
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2022 DesignSuites performance[2]

Agenda 48 22,500sqm Total suites leased Total suites delivered 69 33,800sqm	14.5 per cent Average face rental premium vs independent valuation 4.0 months Average downtime saving vs independent valuation	3.3 months Average time to lease post practical completion 4.3 years Average lease term achieved 8 4,500sqm Suites completed in Dec 22 ready for lease

Key leasing transactions[2]

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• 7,500sqm 5,800sqm 5 years 5 years

• 111 Eagle Street, Darling Park 2, Brisbane Sydney

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5,700sqm 4,800sqm
5 years 6 years
111 Eagle Street, 530 Collins Street,
Brisbane Melbourne
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2,900sqm 10 years 161 Castlereagh Street, Sydney

1. Includes signed leases and heads of agreement (HoA) based on GPT and GWOF ownership NLA. 2. 100% NLA basis.

THE GPT GROUP | 2022 ANNUAL RESULT

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2023 leasing outlook

• » Currently 12% portfolio vacancy, with another 9% expiring in 2023[1]

• » Focused leasing strategy targeting occupancy >90% by December 2023

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GPT lease expiry profile [1]
As at 31 December 2022
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15%
13%
12%
9%
7%
7%
Vacant 2023 2024 2025 2026 2027
Sydney CBD Parramatta Melbourne Brisbane Canberra
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GPT Office occupancy vs Eastern seaboard Prime grade average

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100%
95%
90%
87.9%
85%
84.4%
80%
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Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 GPT Occupancy Eastern Seaboard Prime CBDs (JLL Research)²

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Agenda
1. Vacant % by Area. 2023-2027 Lease Expiry % by Income.
2. JLL Research includes Sydney CBD, Parramatta, Melbourne CBD and Brisbane CBD.
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2 Southbank Boulevard, Melbourne
| 2022 ANNUAL RESULT
| 2022 ANNUAL RESULT 26
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Innovative workplace products

• » Our differentiated workplace products are designed to fulfil the changing needs of our customers

• Offer speed to market, reduced downtime and rental premium while diversifying our customer base

• » Larger customers are attracted to our enhanced lobbies, end of trip facilities, community spaces, asset activations and flexible space options

• Space&Co. and The Meeting Place by GPT address customer space on demand requirements

• » DesignSuites target ~40% of the office tenant market occupying <1,000sqm

• Sustainably designed for repeated re-use

• Targeting 6 Star Green Star Interiors rating and upfront embodied carbon[1] neutral certification using Green Star and Climate Active

Customer composition

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1% 1% 2% 5%
100%
9%
14%
20%
80% 25%
60%
90%
40% 85% 78%
70%
20%
Ag0% enda
Dec-21 Dec-22 Dec-23 Target Dec-25 Target
Customers >1,000sqm Customers <1,000sqm Owner operated Space on Demand
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DesignSuites, Queen & Collins, Melbourne
| 2021 ANNUAL RESULT
| 2022 ANNUAL RESULT 27
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1. As defined in World Building Council Report, “Bringing embodied carbon upfront”, 2019.

Strategy case study: 181 William & 550 Bourke Streets

• » Improved occupancy from 54.8% to 84.7% in 18 months following the departure of three major tenants

• » Leasing success through building upgrades and the introduction of GPT’s workplace products and experiences

• » 80% of new customers[1] sought out a higher-grade building[2]

• » The asset now has a more diversified income stream

Owner operated » 2 floors Space&Co. in February 2023 Space on » 1 floor, The Meeting Place in November 2023 Demand » 13 suites delivered, 8,700sqm — 78% leased[1] DesignSuites » 5 delivered December 2022, 3,200sqm — ready to lease

» New lobbies Upgrades » End of trip upgrade » 5 Star Green Star Sustainability » Certified carbon neutral

Jun 2021 Dec 2022	Improvement
Occupancy 54.8% 84.7%	+30pp
Office Net Passing Rent (Avg$/sqm) $587/sqm $626/sqm	+7%
Lease expiry up to Dec 2024 (byincome) 35.0% 17.3%	-18pp

Customer Composition

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2% 13% 6%
100%
14%
80%
60%
98%
40% 87% 80%
20%
0%
Dec-19 Dec-22 Dec-23 Target
Owner operated
Customers >1,000sqm Customers <1,000sqm
Space on Demand
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1. On NLA basis.

THE GPT GROUP | 2022 ANNUAL RESULT

28

1. Building grade classification as per Property Council of Australia.

Office outlook

Office outlook
Occupier Outlook	GPT’s Response
Leasing market to remain	»	Our workplace products target the most active part of the market
challenging in 2023-2024	»	Targeting >90% portfolio occupancy at December 2023
	»	Additional DesignSuites being delivered to drive leasing in
Increased demand for flexible		2023
workplace products	»	Space&Co. and The Meeting Place by GPT planned to expand
		from 8 to 14 venues in 2023
Increased demand for	»	Customer centric focus with dedicated GPT customer
workplaces that foster		experience team
connection, collaboration and	»	Significant investment has been made to enhance lobbies,
community		third spaces and enhanced end of trip facilities
	»	All assets operating carbon neutral1
	»	GWOF portfolio certified as carbon neutral since 2020
Increased demand for assets with high sustainability	»	51 Flinders Lane and all new office developments to be upfront embodied carbon2 neutral upon completion
credentials	»	DesignSuites targeting 6 Star Green Star Interiors rating and
		upfront embodied carbon2 neutral certification using Green
		Star and Climate Active

1. GPT and GWOF operational assets. Excludes assets under or held for development (51 Flinders Lane, Melbourne, 81 & 91 George Streets, Parramatta, 155 Walker Street, North Sydney) or under the operational control of the tenant (750 Collins Street, Melbourne).

2. As defined in World Building Council Report, “Bringing embodied carbon upfront”, 2019.

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Liberty Place, Sydney
THE GPT GROUP THE GPT GROUP | | 2022 ANNUAL RESULT 29
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Agenda
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Logistics

Annual Result 2022

Logistics overview

$ 188.1 m

Segment contribution, up 21.6%

99.2 %

Portfolio occupancy

6.2 yrs

Weighted average lease expiry

3.0 %

Comparable income growth

4.40 %

Weighted average capitalisation rate

$ 4.7 b

Assets under management, up 5%

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50 Old Wallgrove Road, Eastern Creek, NSWADDRESS, STATE
| 2022 ANNUAL RESULT
THE GPT GROUP | 2022 ANNUAL RESULT 31
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Note: Logistics portfolio metrics exclude Rosehill Business Park, Camellia and Citiport Business Park, Port Melbourne, which are contracted for sale.

Occupier demand and low vacancy driving market rental growth

Demand driven by occupiers investing in the supply chain and a growing retail sector, underpinned by population growth

• » Real estate still makes up a proportionately small amount of total supply chain costs, with transportation cost the largest factor

• » Estimated that over the next 5 years 1.8 million sqm of additional e-commerce dedicated logistics space will be required in Australia[1]

Strong market demand and low vacancy in core markets expected to continue in 2023

continue in 2023
Industrial & Logistics Market	Sydney	Melbourne	Brisbane
Vacancy2	0.2%	1.1%	0.5%
Prime net face rental growth (12 months)3	+22%	+19%	+14%
Supply under construction and	706,000sqm	622,100sqm	630,600sqm
~~Agenda~~ precommitment level3	39%	62%	54%

1. CBRE Research, Australia’s E-commerce Trend and Trajectory, September 2022. 2. CBRE Research, 2H 2022.

2. JLL Research, 4Q 2022.

100 METROPLEX PLACE, WACOL, QLD100 Metroplex Place, Wacol, QLDADDRESS, STATE | 2022 ANNUAL RESULT THE GPT GROUP | 2022 ANNUAL RESULT 32

Strong leasing outcomes achieved

• » Total leasing[1] of 278,900sqm (2021: 182,300sqm) including 130,400sqm in developments

• » High occupancy of 99.2% and WALE of 6.2 years

• » Strong rental outcomes being achieved

15 % 9 % Operational Speculative Portfolio Leasing Development Rent Spread vs Feasibility

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1. Including Signed Leases (238,700sqm) and HoA (76,100sqm) on 100% area basis.
1. Includes Heads of Agreement (HoA)
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Key leasing transactions

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40,700sqm 38,100sqm 33,200sqm 15,200sqm 13,600sqm 10,000sqm

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24A & 24B Niton Drive, Truganina, VIC
THE GPT GROUP | 2022 ANNUAL RESULT 33
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Access to market rental growth

• » Ability to capture upside through expiry profile and development

• » 25% of portfolio to capture market rent growth in next 3 years

• 21% lease expiry 2023-2025

• 4% are lease deals from 2022 that commence in 2023

• » Three developments totaling 60,700sqm to be completed and leased in 2023

GPT lease expiry profile by income

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19%
11% 10%
9%
1%
A enda
g
2023 2024 2025 2026 2027
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42 COX PLACE, GLENDENNING, NSW
55 Whitelaw Place, Wacol, QLD
34
THE GPT GROUP | THE GPT GROUP | 2022 ANNUAL RESULT 34
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Enhancing returns through development and QuadReal Fund

• » Delivered >30% development margin and average yield on cost of 5.7% across 4 GPT development completions

• » GPT QuadReal Logistics Trust (GQLT) well progressed with AUM of $0.5b and half of the $2b target committed including pipeline projects

• » Pipeline of 10 underway and future development projects across core east coast markets, targeting yield on cost >5.5%

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Completions
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Land Acquisition Development Pipeline
100 Metroplex Place, Wacol Artist’s impression of GPT development product Gateway Logistics Hub - Stage 6, Truganina (Artist’s impression)
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• 4 GPT development completions[1]

• 3 fund-through completions 197,600sqm

$460m AUM

• 35.2 hectares acquired by GQLT (settling in 2023)

Prime location in Melbourne’s north

Estimated end value $1.9b AUM

4 facilities underway Development spend[2] of approximately $200-250m expected in 2023

1. Includes post balance date completions. 2. GPT share, includes exchanged land to settle.

THE GPT GROUP | 2022 ANNUAL RESULT

35

Future proofing the portfolio for transition to a low carbon future

Driving sustainability outcomes

• » Developing efficient buildings, designed to achieve minimum 5 Star Green Star ratings

• » Introducing onsite battery storage and preparing for electric vehicles

• » Engaging with customers of existing facilities to install cost effective renewable energy via onsite solar

GPT leading the way

• » 143 Foundation Road, Truganina is Australia’s first Climate Active certified upfront embodied carbon[1] neutral logistics development and has achieved 6 Star Green Star

• » Committed to achieve upfront embodied carbon[1] neutral developments

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Reuse &
Low Impact
Renewable
Design
Sourcing
Design for
Monitoring
Capability Longevity &
Reuse
Efficiency &
Flexibility
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Citiwest Industrial Estate, Altona North, VIC 36 THE GPT GROUP | 2022 ANNUAL RESULT 36

1. 1.As defined in World Building Council Report, “Bringing embodied carbon upfront”, 2019.Reflects AUM, includes GQLT share.

Logistics outlook

GPT Logistics Strategy

• » Maximise income opportunities in our prime portfolio

• » Enhance returns through development and QuadReal partnership

• » Broaden relationships with our high-quality customer base

• » Deliver on ESG by developing efficient and sustainably focused assets

Supportive Market Conditions

• » Continuing to see high levels of market enquiry

• » Very tight vacancy landscape providing tenants limited space options

• » GPT has ability to capture income upside through development and the expiry profile, with 25% of portfolio set to capture market rent growth in next 3 years

• » Valuation metrics movement has been largely offset by market rental growth

• » Logistics asset class favoured for real estate investment

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ADDRESS, STATE
42 Cox Place, Glendenning, NSW
| 2022 ANNUAL RESULT
THE GPT GROUP | 2022 ANNUAL RESULT 37
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Agenda Outlook and 2023 Guidance

Annual Result 2022

Outlook and 2023 Guidance

Outlook

• » Tighter monetary conditions are expected to moderate economic growth over the next 12 months

• » Volatility in bond yields creating uncertainty for valuation metrics

• » Higher cost of debt a headwind for 2023 FFO growth

• » Retail portfolio well positioned with strong retail sales growth momentum, high occupancy, fixed rental increases and ongoing tenant demand. Sales growth is however expected to moderate

• » Improvement in Office occupancy expected in 2023 as our portfolio benefits from the ‘flight to quality’ and customer demand for our differentiated product offering

• » Logistics portfolio will continue to benefit from strong demand, limited uncommitted supply, low vacancy and development pipeline creating new high quality product

• » Chief Executive Officer and Managing Director, Bob Johnston announced his intention to retire by the end of this calendar year and a search has commenced for a successor

2023 Guidance

• » While uncertainty remains in our trading environment, including the impact of rising interest rates and ongoing inflationary pressures, the Group expects to deliver 2023 FFO of approximately 31.3 cents per security and a distribution of 25.0 cents per security

• » AgendaGPT has a high quality diversified portfolio, a strong balance sheet and an experienced management team focused on creating long term value for securityholders

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550 Bourke Street, Melbourne
| 2021 ANNUAL RESULT 39
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Agenda

Disclaimer

This Presentation ( Presentation ) has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504; AFSL 286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188) (together, GPT ).

The information provided in this Presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information in this Presentation to determine whether it is appropriate for you. The information is in a summary form and is to be read in conjunction with GPT’s other announcements released to the Australian Securities Exchange (available at www.asx.com.au).

You should note that past performance is not necessarily a guide to future performance. While every effort is made to provide accurate and complete information, The GPT Group does not represent or warrant that the information in this Presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forward-looking statements contained in this Presentation or the assumptions on which they are based. Such material is, by its nature, subject to significant uncertainties and contingencies outside of GPT’s control. Actual results, circumstances and developments may differ materially from those expressed or implied in this Presentation.

To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this Presentation.

Information is stated as at 31 December 2022 unless otherwise indicated. Except as required by applicable laws or regulations, GPT does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events or circumstances.

All values are expressed in Australian currency unless otherwise indicated.

Funds from Operations (FFO) is reported in the Segment Note disclosures which are included in the financial report of The GPT Group for the 12 months ended 31 December 2022. FFO is a financial measure that represents The GPT Group’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised or capital in nature. FFO has been determined based on guidelines established by the Property Council of Australia. A reconciliation of FFO to Statutory Profit is included in this presentation.

Key statistics for the Retail, Office and Logistics divisions include The GPT Group’s weighted interest in the GPT Wholesale Shopping Centre Fund (GWSCF), the GPT Wholesale Office Fund (GWOF) and the GPT QuadReal Logistics Trust (GQLT) respectively.

THE GPT GROUP | 2022 ANNUAL RESULT 41