GPT GROUP — Interim / Quarterly Report 2004

Mar 31, 2004

e de la provincia
Se del control

TADI POCA

OVSMAW

• Financial performance
• Darling Park 3 acquisition
• Development update
• Book-build summary

Established Growth Profile

	2000	2001	2002	2003
Distribution (cpu) Growth	19.3 2.3%	19.7 $2.1\%$	20.4 3.5%	21.2 3.9%
Earnings (cpu) EPU Growth Underlying Growth*	19.3 2.3% 2.3%	19.7 2.1% $2.1\%$	20.4 3.6% 3.6%	21.6 5.6% 3.1%
1 Yr Total Return	$20.1\%$	9.9%	12.8%	$8.2\%$

* Excludes the impact of the change in fee

Hinancial Performance

	2002	2003
Net Operating Income	$+6.0%$	$+7.3%$
Total Assets	\$6.7 b	\$7.7b
Total Borrowings	\$1.4b	\$2.1 b
Interest Cover	5.6x	5.1x
Gearing	20.3%	27.6%
NTA per unit	\$2.60	\$2.73

Daring Park3

Darling Park 3 Summery

• Total acquisition cost \$225 million
• Land acquisition (\$30m)
• Development cost (\$162.7m)
• $-$ Other costs (\$32.3m)
• Completion due mid 2006
• 29,000 sqm quality office space
• Marsh Mercer lease
• $-14,300$ sqm
• $-10$ years (to April 2016)
• Structured lease
• Year 1 yield forecast 7.2%

Darling Park: Key Facts

	Towers 1 & 2*	Tower 3	Tower 3
		Valuation	Acquisition
Value	\$880m	\$235m	\$225m**
GPT interest	50%	100%	100%
Price \$m 2	\$8,480	\$8,007	\$7,760
Av net face market rent	\$523/\$524***	\$400-560	\$525**
Outgoings	\$107	\$111	$$111***$
Cap rate/Yield	6.75% (reversionary)	$7.0\%$ *	$7.2\%**$

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*April 03 valuation

***CBRE Dec 2003

**Acquisition cost/forecast in 2006

Enhances Office Portallo

• Enhances portfolio quality
• Improves tenant diversification and credit quality
• Leverages portfolio to improving Sydney office market
• Increases weighted average lease term
• Reduces age of services

Strong Development Pipeline

Ourant Commitments

• \$372m committed in projects already underway
• Increases gearing to 31.2% by Dec 04
• National Building
• \$57 million, complete July 04
• Melbourne Central
• \$138 million, complete Dec 04
• Fortitude Valley
• \$49 million, complete Dec 04
• Darling Park 3
• \$225 million, complete mid 2006

Retail Development Pfoafne

	2002	2003	2004	2005	2006	2007	2008
Floreat Forum	\$48M
Erina Fair	\$106M
Melbourne Central								Complete Planned * Approximate value & timing
Fortitude Valley
Macarthur Square			\$80M*
Penrith Plaza				\$130M*
Rouse Hill Regional Centre				\$300M*
Charlestown Square
Chirnside
Wollongong
Sunshine Plaza	\$20M

BOOK BUIG DEEDS

• Institutional placement of approx 67 million GPT units
• Units rank pari passu with existing units - Entitled to March 04 distribution
• Closing price 1 April 2004 \$3.10
• VWAP $-$ 3 days ending 4pm 1 April 2004 -\$3.077

Financial Impact

• Increased balance sheet strength
• Gearing reduced to 26%
• $-$ Well within policy range of 20-30%
• Provides efficient funding of development pipeline
• Maintain 3% growth target