GPT GROUP — Interim / Quarterly Report 2007

Aug 14, 2007

Mid-Year Results 15 August 2007

Agenda

• Key Achievements

• Financial Highlights

• GPT Strategy

• Financial Highlights

• � Operational Overview

• Investment Portfolio

• Funds Management

• Development

• Joint Venture

• Summary

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Key Achievements

• Underlying earnings per security growth 6.6%

• � Distribution growth of 5.1% (14.3 cps)

• Funds management platform expanded

• Acquisition of European platform

• Expansion of Australian business

• Expansion of US Seniors Housing Portfolio

• Joint Venture with Babcock & Brown progressed

• � Development pipeline expanded

• � Investment portfolio continues to deliver results

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Business Model Established

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Ownership

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Management

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Development

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Business Model Established

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Financial Highlights

Key Results

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Diversified Investments and Income

Total Income Total Investment

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Strong Distribution Growth (cps)

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Balance Sheet

• Total assets $12 billion

• Gearing 31.9%[*]

• Total borrowings $3.8 billion

• $2,055.5 million AUD

• €833.2 million (AUD equivalent $1,327.6 million)

• US$342.4 million (AUD equivalent $403.1 million)

• Interest cover 4.1 times[**]

• Current effective interest rate 5.09%

• Weighted average length of debt 2.1 years

• NTA up 5.8% to $3.81

• ** Based on realised operating income.

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*On a ‘look through basis, gearing is 43.8%.

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Operational Review

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Investment Portfolio

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Australian Retail

Retail

• $4.9 billion investment

• GPT assets of $4.1 billion

• Equity in GWSCF $794 million

• Comparable income up 6.1%[*]

• Revaluations $120 million[*]

� Solid operating metrics[**]

• Comparable specialty MAT growth 3.9%

• Specialty sales $8,687 per sqm

• Specialty occupancy costs 15.9%

• Low vacancy <1%

� Outlook

• Robust environment for sales

• Strong contribution from developments

GPT owned assets only. Revaluations include GPT’s equity in GWSCF. *GPT and GWSCF owned assets

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Australian Office

Office

• $2.8 billion investment

• GPT assets $1.8 billion

• Equity in GWOF $981 million

• Comparable income up 10.6%[*]

• Strong revaluations $188 million[*]

• 27,100 sqm leased[**]

• Terms agreed over an additional 14,400 sqm

• Over 98% space committed[**]

• Average lease term 5.6 years**

• Outlook positive

• Improving market conditions

• Terms agreed over 27,700 sqm since 30 June[**]

GPT owned assets. Revaluations include GPT’s equity in GWOF. *GPT and GWOF owned assets

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Australian Hotel/Tourism

Hotel/Tourism

• $859 million investment

• Comparable income down 3.4%[*]

• Solid result in subdued market

• Four Points performance strong

• Lodges demonstrating growth

• Ayers Rock Resort impacted by weak inbound demand

• Improved second half expected

• Ayers Rock Resort

• Inbound tourism

• Reflects EBITDA for Voyages and adjustment for sale of Cape Tribulation Resort

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Australian Industrial/Business Park

Industrial/Business Park

• Portfolio expanded - $708 million

• Coles and Labelmakers at Somerton complete

• Quad 4 complete June 2007

• Comparable income up 3.5%

• Revaluations $18.1 million

• Occupancy 93.6% (by income)

• 65,900 sqm leased

• Long average lease term – 6.1 years

• Additional growth

• 3 new facilities commenced

• Future developments planned

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US Seniors Housing

US Seniors Housing

• Initial portfolio (US$428 million) acquired December 2006

• 95% interest in 19 Seniors Housing properties

• Well capitalised, quality assets

• 20% interest in management platform, Benchmark Assisted Living

• On track to deliver acquisition forecast

• Occupancy 92%

• Average rent per unit per month US$4,400 (2007 forecast)

• Rent reviews in line with expectations

• On track to deliver 6.8% yield (post-costs)

• Portfolio expanded (June 2007)[*]

� US$694 million investment, 34 assets

• Increased exposure to affluent Boston market

• Increases average rent profile to US$4,600 per unit per month (2007 forecast)

• Settlement expected September 2007.

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Funds Management: European Platform

European Platform Acquired July 2007

• Hamburg Trust (60% interest)

• Provides assets to German closed-end funds market

• Skilled local management team (18 people)

• Opportunities advanced

• First fund to close August 2007

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European Platform Acquired July 2007

• GPT Halverton (acquired July 2007)

• Platform expanded - 125 people across 10 offices

• New fund (BIP) launched July 2007

• Assets under management grown (€1.7 billion at end July)

• 4 funds established

• Future funds planned

• Progress on securitisation of HBI portfolio

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Funds Management: Australian Wholesale Funds

GPT Wholesale Office Fund

• Fund grown to $2.69 billion

• Three acquisitions secured

• Outperformance against benchmark – Full performance fee earned

• Capacity for growth

• Limited gearing

• Active Distribution Reinvestment Plan

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GPT Wholesale Shopping Centre Fund

� $1.9 billion core retail fund

• $1.2 billion capital raised (March 2007)

• Interests in 8 quality Australian retail assets

• Performance in line with forecast

• Capacity for growth – Zero gearing

• Potential developments

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Development

Retail Developments[*]

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• Indicative cost and timing only.

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Newcastle CBD Retail

• Opportunity to develop major CBD retail asset

• Site encompassing four CBD blocks

• Proposal to deliver quality retail and entertainment offer

• Potential for mixed use

• Program commenced

• Privately owned land secured

• Discussions with council/authorities

• Recognises strength of Hunter Region

• 6[th] largest urban area

• Increasing services focus

• Growing inner city population

• Region to grow by 160,000 people

• Forecast retail expenditure growth of 4.9% p.a.

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Aerial photo of Newcastle CBD

Newcastle CBD An Urban Renewal Proposition

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Rouse Hill Town Centre
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Office Development Pipeline[*]

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• Indicative cost and timing only.

** Design and construction cost only.

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818 Bourke Street
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Workplace [6]
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Artist’s impression of 77 Eagle Street

Industrial Development Pipeline*

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• Indicative cost and timing only.

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Joint Venture

Joint Venture

• $2 billion invested (GPT share $1.8 billion)

• � $84.9m contribution to result

• JV ROE 15.4%[1] (2007 target 13%)

• � GPT ROE 11.2%[1] (2007 target 9.7%)

	JV Income	A$m
	6 months to June 2007
	JV Net Profit	169.8
	GPT Preferred Equity	39.6
	GPT OrdinaryEquity	65.1
		104.7
	TopUp	(19.8)
	GPT Income	84.9

1Post repayment of 2006 Top Up.

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Joint Venture

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• Portfolio grown to $6.8bn

• Targeting full investment by early 2008 (net of divestments)

• Well positioned to achieve 2007 ROE targets

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In Summary

• Strong growth delivered – Earnings per security up 6.6%

• Distribution security up 5.1%

• Business model now established

• Investment portfolio in great shape

• Rapid growth in funds management

• Development emerging as driver of growth

• Confidence in outlook

– 2007 distribution growth target 5%

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Questions