GPT GROUP — Interim / Quarterly Report 2011

Aug 25, 2011

Agenda

• Financial Results & Capital Management Michael O'Brien
• Business Performance Michael Cameron
• Investment Management
• Funds Management
• Development
• Outlook
• Questions

Strategy Michael Cameron

Note: All information included in this presentation includes GPT owned assets and GPT's interest in the Wholesale Funds (GWSCF and GWOF) unless otherwise stated. All retail data excludes the Queensland Homemaker City portfolio.

First half 2011 highlights Delivering on our promises

• Operating profit of \$221.5m, up 8% on 1H 2010
• Statutory profit of \$243.1m, up 67%
• EPS growth of 8%(1) and DPS growth of 12%
• Total return of 7.4%(2)
• Total securityholder return of 10.6%

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First half 2011 highlights Delivering on our promises

• Forecast cost of debt reduced by 20bps(1)
• Activated on-market buy-back
• Closed sale of Ayers Rock Resort and US Seniors
• Completed a further \$212m sell-down in wholesale funds
• Commenced \$300m Highpoint expansion

Initiatives to grow GPT's earnings Good progress on initiatives

Short-term initiatives:

• Debt cost reductions
• Sell down of wholesale funds
• Efficiency gains
• Sale of non-income producing assets
• On-market buy-back

Optimising the business

Building blocks in place for further lift in earnings

Building blocks for the future:

• Capital allocation framework
• Organisational structure aligned with strategy
• Streamlining processes
• New work environment

Our strategy Delivering sustainable returns

Our Purpose We create and sustain environments that enrich people's lives

Our Strategy

We own and actively manage a diversified portfolio of quality Australian property assets, delivering long term benefits

For our Investors…

We are a secure, reliable investment targeting superior risk-adjusted returns over time

For our Customers…

We provide well-designed, well-managed, sustainable properties that create great customer experiences

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Our Goal To be Australia's best performing property company

• Total returns >9% per annum
• Average EPS Growth > CPI +1% per annum(1)
• Leading relative Total Securityholder Return (TSR)

Sustainable earnings Business model delivers earnings leverage

Annual earnings growth > CPI + 1%

Core property income enhanced by other earnings levers

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Operational leverage (hypothetical example)

(1) Realised Operating Income is before payment of the exchangeable securities distribution. Earnings per Ordinary Security is after payment of the exchangeable securities distribution.

Sustainable returns Total returns of >9%

Total Returns of > 9% per annum

Influence on capital growth:

• Focus on quality assets
• Asset enhancement
• Portfolio management via capital allocation framework

2011 Interim Result summary Operating performance ahead of last year

GPT Financial Summary

6 months to 30 Jun	1H 2011	1H 2010	Change
Total Realised Operating Income (ROI) (\$m)	221.5	205.8	 8%
Changes in fair value of assets	54.1	54.7
Profit/loss on disposals	1.5	(5.3)
Financial instruments marked to market and foreign exchange gains	(32.6)	(84.1)
Other	(1.4)	(25.9)
A-IFRS net profit/(loss) (\$m)	243.1	145.2	 67%
ROI per ordinary security (cents)	11.3	10.4	 8%
Distribution per ordinary security (cents)	8.5	7.6	 12%

Balance sheet summary Balance sheet is in great shape

• Gearing remains low at 21%
• Interest cover is strong at 4.0x

GPT Balance Sheet

As at	30 Jun 2011	31 Dec 2010
Total assets (\$m)	9,347	9,752
Total borrowings (\$m)	1,991	2,453
Net tangible assets per security (\$)	3.64	3.60
Gearing (%)(1)	21.0	24.9
Look through gearing (%)(1)	22.6	29.9
Interest cover ratio (x)	4.0	3.7

Balance sheet asset mix(2) As at 30 Jun 2011

(1) Based on net debt.

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(2) Assets in GPT's balance sheet portfolios + investments in GWOF and GWSCF. Note: Retail includes Homemaker assets.

Segment performance All business units are performing

Realised Operating Income by segment

6 months to 30 Jun (\$m)	1H 2011	1H 2010	Comment
Retail	155.1	134.7	Comparable income up 4.1%
Office	59.1	58.0	Comparable income up 3.4%
Industrial	28.1	27.1	Comparable income up 2.8%
Funds Management(1)	44.8	45.0	Equity stakes sold down Comparable distributions up 7.5%
Non-core	20.7	20.0	Divestment of Ayers Rock and US Seniors complete
Corporate - Interest expense - Corporate overheads	(70.6) (15.7)	(64.0) (15.0)	Lower capitalised interest Continued focus on expense control
Total Realised Operating Income (ROI)(2)	221.5	205.8

(1) Comprises \$11.9m in funds management fees and \$40.6m in distribution income less \$5.3m in costs and a tax expense of \$2.4m.

(2) Realised Operating Income is pre distribution on exchangeable securities.

Management expenses

Disciplined approach to expense management

Comparable NOI growth of 3.6% outpacing comparable management expense growth of 2.7%

Expenses

6 months to 30 Jun (\$m)	1H 2011	1H 2010
Corporate Overheads	15.7	15.0
Portfolio Expenses	19.5	19.1
Add back: Tax Benefit	5.0	2.7
Less: One Off Items	(5.8)	(3.3)
Ongoing Management Expenses	34.4	33.5

'Jaws' for six months to 30 June 2011

Capital management Debt cost forecast to be 20 basis points lower

• Sale proceeds enabled cancellation of highest margin loans and higher rate hedges
• Margins renegotiated lower on \$525m of existing loans
• Forecast average cost of debt reduced by 20bps

Average cost of debt

Capital management Flat maturity profile with long tenor

• New loans totalling \$525m fully refinance the remaining Oct 2012 maturity average term of new loans is 3.6 years and average margin 135 bps
• No further re-financing until 2013
• Weighted average term to maturity of 5.1 years (up from 2.7 years at June 2010) v medium term target of > 4 years

Capital management Selling at a premium, buying at a discount

• \$1.4bn assets sold at average 14% premium to combined book value
• Buy-back accretive to operating earnings and NTA
• Will continue to purchase stock opportunistically, up to 5% of market capitalisation(1)

(1) Buy back period: 12 months from 11 May 2011.

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(2) GPT announced a change to its constitution to enable a buy-back to occur on 10 February 2011.

Investment Management 3.6% comparable income growth

• Comparable income growth of 4.1%
• WACR of 6.19%

• Occupancy of 99.9%

• Comparable income growth of 3.4%

• WACR of 7.11%
• Occupancy of 97.5%
• WALE of 4.9 years

Retail Office Industrial

• Comparable income growth of 2.8%
• WACR of 8.47%
• Occupancy of 98.8%
• WALE of 6.2 years

Note: All measures refer to GPT owned assets and GPT's interest in the Wholesale Funds

(1) WALE and occupancy by income.

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(2) Occupancy represents committed space.

Investment Management - Retail Portfolio is well positioned

• Solid income growth achieved despite subdued retail sales conditions
• High occupancy levels and low level of arrears reflect portfolio quality
• Approximately 88% of leases subject to structured increases of 4.5% in 2011

Key operating metrics

6 months to 30 Jun	1H 2011	1H 2010
Comparable income growth	4.1%	4.0%
Comparable total centre sales growth(1)	1.2%	1.4%
Comparable specialty sales growth(1)	2.1%	0.2%
Specialty sales psm(1)	\$8,904	\$9,015
Specialty occupancy costs(1)	17.3%	17.4%
Occupancy	99.9%	99.5%
Arrears(2)	0.5%	0.3%

(1) Includes GPT and GWSCF assets and excludes Homemaker assets, Norton Plaza and assets under development. Growth is for the 12 months compared to the prior 12 months.

(2) Includes GPT, GWSCF and Queensland Homemaker assets.

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Investment Management - Retail sales Resilient portfolio despite difficult market conditions

• 2.7% specialty sales growth January to June 2011
• Forecast sales growth of 2-3%
• Customer traffic and average spend per customer maintained
• 2012 retail sales anticipated to move back towards long term average

(1) Represents the growth for the month compared to the corresponding month in the prior year. GPT and GWSCF owned assets. Excludes Charlestown Square, Wollongong Central and Norton Plaza. Highpoint excluded from May 2011.

Investment Management – Retailer health Continued demand for retail space

Impact of RED Group and Colorado :

• 20 store closures, with 13 stores already re-leased
• All Borders stores now re-leased to key retailers
• Store closures allowed for retail mix to be invigorated

Retailer	GPT store exposure	Current status
RED Group	4 Borders 8 Angus & Robertson	• All Borders stores re-leased • 5 A&R stores re-leased • Strong demand for remaining space; expect to finalise deals pre-Christmas
Colorado Group	8 Colorado	• 4 stores re-leased, 2 stores under offer • Strong demand for remaining space; expect to finalise deals pre-Christmas

Investment Management – Retail environment Actively responding to market conditions

Retail environment GPT's response

• Low consumer confidence
• High household savings rate
• Uncertainty global economy, interest rates, cost of living

• Threats and opportunities of online retail

• Evolve and adapt retail mix

• Leverage quality assets
• Provide places that engage communities
• Enhance convenience and attractiveness of centres
• Invest in complementary online strategy
• Use technology to attract and engage customers

Investment Management - Office Strong occupancy and leasing outcomes

• Comparable income growth of 3.4%
• Strong leasing outcomes achieved in first half
• Sustainability NABERS energy rating of 4.6 stars highest in the sector(1)

Key operating metrics

6 months to 30 Jun	1H 2011	1H 2010
Comparable income growth	3.4%	3.9%
Weighted average cap rate	7.11%	7.20%
Occupancy	96.9%	93.9%
Occupancy (including terms agreed)	97.5%	95.7%
Weighted average lease expiry	4.9 years	5.3 years
Leases signed	46,501 sqm	38,245 sqm
Terms agreed at year end	16,255 sqm	18,533 sqm

(1) Source: Citi Research Jan 2011. Including Green Power. Note: The 4.6 stars rating was for 2009. GPT's projected average rating for 2011 is 5 stars including Green Power.

Investment Management - Office Highest quality portfolio

• 56% of GPT's Office portfolio is premium grade the largest proportion of any Australian REIT
• Occupancy(1) increased to 97.5% well ahead of market average of 92.0%
• Average capitalisation rate firmed from 7.14% to 7.11%

(1) Occupancy including terms agreed.

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(2) Source: Jones Lang LaSalle Research, June 2011.

Investment Management – Office environment Improved market conditions for 2011 / 2012

• Constrained supply in all markets and positive net absorption
• Prime vacancies generally reducing, reinforcing expectations for solid rental and capital growth in 2011 and accelerating in 2012
• 90% of GPT's leases(1) are subject to fixed increases averaging 3.8%

Source: Jones Lang LaSalle Research, June 2011. (1) Refers to leases subject to a review in 2011, calculated based on area.

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Source: Jones Lang LaSalle Research, June 2011.

Investment Management - Industrial High occupancy and long WALE

• Industrial portfolio maintains high occupancy and long WALE
• Income growth of 2.8% continues positive trend
• Leasing momentum continued

Key operating metrics

6 months to 30 Jun	1H 2011	1H 2010
Comparable income growth	2.8%	2.2%
Occupancy (by income)	98.8%	97.0%
Weighted average lease expiry (by income)	6.2 years	6.9 years
Leases signed	20,417sqm	30,000sqm

Investment Management – Industrial environment Limited supply supporting rental income

• Rental growth underpinned by limited new supply relative to historical levels
• 89% of portfolio(1) subject to fixed increases averaging 3.3% in 2011
• Increased focus on \$790 million development pipeline given improved market fundamentals

Source: Jones Lang LaSalle Research, June 2011.

Source: Bureau of Infrastructure, Transport and Regional Economics (BTRE). (1) Refers to leases subject to a review in 2011, calculated based on area

Funds Management

Enhanced returns through fee income

Funds management provides GPT:

• Enhanced return on capital through funds, property and development management fees
• Leverage through scale and access to quality assets
• Access to cost effective capital at different points in cycle
• A lever for capital management through ownership sell-down or sale of assets into the funds

• Development yield: 7.6% to 10.1%
• Project IRR(1): 13.5% to 15.0%

Leveraging the platform: Highpoint Year 1 yield (GPT share)

Funds Management Solid performance in six months to June 2011

Office Fund (GWOF)

Fund	as at 30 Jun 2011
Total assets	\$3.2b
Gearing	11.6%
Occupancy	97.6%
WACR	7.24%

Shopping Centre Fund (GWSCF)

Fund	as at 30 Jun 2011
Total assets	\$2.1b
Gearing	10.0%
Occupancy	99.4%
WACR	6.65%

GPT Investment
GPT investment (26.4%)	\$725.1m
Fee income (1H 2011)	\$7.3m
One year total return (post fees)	8.8%

GPT Investment
GPT investment (20.2%)	\$373.5m
Fee income (1H 2011)	\$4.7m
One year total return (post fees)	9.5%

Funds Management Enhanced returns from fund sell down

Completed \$212 million (\$428 million in total) sell down of fund investments from January to June 2011, enhancing returns by 30bps (60bps in total)

⁽¹⁾ Includes fund, property and development management fees.

Development

Development Value created by development activity

• Approximately 36% of GPT's portfolio has been developed(1)
• Average historical development margin in excess of 15%
• Every \$1 billion of development spend theoretically can create 8 cents per security in NTA

GPT portfolio that has been developed as at 30 June 2011(1)

(1) Developments undertaken over the last 8 years, including projects underway.

Development

\$3.3 billion pipeline on balance sheet and in funds

We have \$1.8 billion of developments underway and planned with an additional \$1.5 billion of opportunities in the pipeline

Underway Planned

	F/cast to complete
As at Aug 2011 (\$m)	GPT	Funds
Retail:
Charlestown Square	5	0
Highpoint	46	135
Melbourne Central	10	0
Office:
111 Eagle St	82	83
161 Castlereagh St (1)	0	245
Industrial:
5 Murray Rose	33	0
Total	176	463

Note: Development costs exclude external co-owners' contributions. (1) Grocon is undertaking the development of 161 Castlereagh St.

	Ownership
As at Aug 2011 (\$m)	GPT	Funds
Retail	515	224
Office	170	0
Industrial	210	0
Total	895	224

Future pipeline

As at Aug 2011 (\$m)	Total Cost
Total	1,521

Development One One One Eagle Street update

• Completion on track for March 2012
• 49% of floor space committed vs previous forecast of 40% by PC(1)
• Target yield of 7% fully leased
• Norton Rose, Gadens, Ernst & Young committed to 19,675sqm
• Others committed total 11,420sqm
• Leases to date have averaged \$805/sqm rent and 25% incentives with 11 year WALE
• Achieved 6 star Green Star rating and targeting 5 Star NABERS Energy rating(3)

(1) Committed via Heads of Agreement or Agreement for Lease.

(2) Excluding GPT's interest in GWOF.

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(3) New 6 Star NABERS rating opportunity currently being explored.

Leasing
One One One Eagle St	64,000 sqm
Signed and/or committed	49%
Fully committed target date	Jul 2014

Cost (GPT share2)	(\$m)
Spent to 30 Jun 2011	148
Remaining to be spent	82
Total	230

Development Highpoint update

• Construction activity commenced in March 2011
• Completion on track for early 2013
• Target yield of 10% to GPT(1)
• 100 new specialty stores, David Jones, Woolworths and 1,000 new car spaces
• Strong interest from international flagship retailers
• Specialty leasing campaign starting late August 2011

Cost (GPT share)	(\$m)
Spent to 30 Jun 2011	4
Remaining to be spent	46
Total	50

Cost (GWSCF share)	(\$m)
Spent to 30 Jun 2011	15
Remaining to be spent	135
Total	150

Sustainability

Achievements in six months to June 2011

• GPT scored 99 out of 100 in the 2011 FTSE4Good Index
• Awarded the 2011 Business Sustainability award at the NSW Green Globes Awards(1)
• 530 Collins Street was named Australia's Most Sustainable Development undertaken within an existing building at the PCA Innovation and Excellence awards

Avoided costs in 2010 relative to base year

• 1. \$871k of recycling
• 1. \$3.8m of water
• 1. \$7.3m of electricity
• 1. \$1.0m of gas

Note: Savings for full year 2010 relative to base year 2005

Strategic journey Moving to best performance

Strategic priorities:

• 1. Building earnings to close the gap to NTA
• 1. Optimising capital allocation processes
• 1. Enhancing growth potential across the business
• 1. Equipping employees for high performance

Outlook Growth equation

OPTIMISE

• Rental growth
• Expense discipline
• Capital management
• Portfolio management

To achieve targets + EXPANSION To accelerate performance

• Development
• Funds growth
• Other revenue sources
• Asset acquisitions

Outlook

Outlook for 2011 EPS growth of approximately 7% for full year

• Retail Subdued market conditions in second half 2-3% sales growth expected for 2011
• Office Market conditions improving, with increasing prime rents Recent transaction activity expected to deliver positive valuation outcomes over next 12 months
• Industrial Market supply at historic lows Rental growth of approximately 2-3% expected in 2011
• Guidance EPS(1) growth of approximately 7% for 2011
• Payout ratio No less than 80% of ROI

Outlook

First half 2011 highlights Delivering on our promises

Strong performance

• Operating profit of \$221.5m, up 8%
• EPS growth of 8%(1) and DPS growth of 12%
• Annualised total return of 7.4%
• Total securityholder return of 10.6%

Focus on capital management

Delivery on key initiatives

(1) EPS defined as Realised Operating Income (ROI) per ordinary security.

Contact Information

Michael Cameron Chief Executive Officer and Managing Director

Tel: +61 2 8239 3565 Mob: +61 410 437 597 Email: michael.cameron@gpt.com.au

Michael O'Brien Chief Financial Officer

Tel: +61 2 8239 3544 Mob: +61 417 691 028 Email: michael.o'brien@gpt.com.au

Judy Barraclough Head of Strategy and Corporate Affairs

Tel: +61 2 8239 3752 Mob: +61 418 962 301 Email: judy.barraclough@gpt.com.au

The GPT Group

ABN 27 107 426 504 Level 52 MLC Centre 19 Martin Place Sydney NSW 2000 Tel: +61 2 8239 3555 Fax:+61 2 9225 9318

www.gpt.com.au

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Disclaimer

The information provided in this 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).

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 described in this paper to determine whether it is appropriate for you.

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. Furthermore, 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 forecasts, prospects or returns contained in the information - such material is, by its nature, subject to significant uncertainties and contingencies. 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 June 2011 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.