GPT GROUP — Interim / Quarterly Report 2012

Aug 12, 2012

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1

Agenda

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• Strategy

• Business Performance

• Outlook

Michael Cameron CEO

• Financial Result

• Capital Management

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Michael O’Brien CFO

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.

2

HIGHLIGHTS

2012 Interim Result Solid business model delivering strong results

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Long term investment value

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Active portfolio management

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Deep capability

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Effective capital management

3

HIGHLIGHTS

2012 Interim Result – key highlights EPS growth of 6.2% in first half

• EPS growth of 6.2%[(1)]

• DPS growth of 11.8%

• Comparable income growth of 4.3%

• 111 Eagle Street and 5 Murray Rose developments complete

• Sold 50% interest in Casuarina and Woden to GWSCF

• Sold two thirds interest in Newcastle CBD site

• Acquired $115 million in logistics assets

• Reduced forecast debt cost by 50 basis points[(2)]

• Upgraded guidance for full year 2012 to at least 7% EPS growth

All numbers for the six months to 30 June 2012 compared with the previous corresponding period.

• (1) EPS defined as ROI per ordinary security

• (2) Forecast average cost of debt for 2012 compared with previous full year forecast (Feb 2012)

4

STRATEGY

2012 Interim Result – key indicators Long term value proposition

• For investors, GPT offers a secure, reliable investment targeting superior risk-adjusted returns over time

• Quality assets

• Strong stable earnings

• Growth potential

Six months to Targets Outcome 30 Jun 2012 EPS[(1)] growth > CPI+1% 6.2% Target exceeded Total return[(2)] > 9% 9.2% On track for full year Leading relative Total 10.4% Strong result but below Securit holder Return[(3)] tar et in first half y g

• (1) EPS defined as ROI per ordinary security

• (2) Total return is defined as DPS (on NTA) plus change in NTA annualised for full year

• (3) Total securityholder return is defined as distributions received plus change in security price

5

STRATEGY

Strategic focus Platforms to accelerate performance

+

• Rental growth

• Funds growth

• Expense discipline

• Development

• Capital management

• Other profit sources

• Portfolio management

• Asset acquisitions

6

STRATEGY

Optimisation Fit for Growth

• Review of cost base and structure to reflect

• Process and system improvements

• Simpler business model

• Focus on growth

• Comprehensive review of all business activities and processes

Impact of ‘Fit for Growth’ program

Estimated impact
Effective date completed 10 August
Reduction in people 70
Net reduction in roles 60
Expense saving(1) 2012: 2013: $4.6m $17.6m

• Reduction in management expenses, removal of roles, restructure of the business

• Delivering substantial savings and operational efficiency

7 (1) Reduction in direct expenses attributable to the cost review, before capitalised expenses and tax

STRATEGY

Growth Good progress in growth strategies

• Growth of $890 million, or 16% in GPT’s funds since the start of 2012

+

• Business plan and resources in place to implement new logistics and business parks development strategy

+

• Eight additional potential adjacent business opportunities identified as new profit sources

+

• $115m of asset acquisitions

8

STRATEGY

GPT people Changes to Leadership Team in line with strategy

• Establishing capability for growth focus

• Bringing in additional experience

Effective October 2012

• Michael O’Brien to head up a new Corporate Development function

• Judy Barraclough moves to Head of Strategy

• Active career development and succession planning

• Mark Fookes moves to CFO

Effective November 2012

• Carmel Hourigan joins as Head of Investment Management

Effective immediately

• John Thomas appointed Head of Logistics & Business Park Development

9

FINANCIAL RESULT

2012 Interim Result summary Distribution per security up 11.8%

GPT Financial Summary

Six months to 30 June ($m)	2012	2011
Total Realised Operating Income (ROI) 227.2		221.5
Changes in fair value of assets 122.4		54.1
(Loss)/profit on disposals (2.5)		1.5
Financial instruments marked to market and net foreign exchangegains/(losses) (55.1)		(32.6)
Other(1) (16.5)		(1.4)
A-IFRS net profit 275.5		243.1
ROI per ordinary security (cents)(2) 12.0		11.3
Distribution per ordinary security (cents) 9.5		8.5

• (1) Other is principally non-cash amortisation of lease incentives, amortisation expense and the relevant tax impact

• (2) ROI per ordinary security is post distribution on exchangeable securities

10

FINANCIAL RESULT

Segment performance Strong contributions from all business units

Six months to 30 June ($m)	2012	2011	Comment
Retail 161.0 152.3 Comparable income growth of 3.9%
Office 64.4 60.3 Comparable income growth of 5.6%
Logistics & Business Parks 31.6 27.8 Comparable income growth of 2.5%
Funds Management 33.5 41.4 GPT sell-down completed Distribution growth of 4.2%
Non-core 8.7 20.7 Divestment of Ayers Rock Resort and US Seniors completed 1H11
Corporate: - Net interest expense - Corporate overheads(1) (59.2) (12.8) (70.6) (10.5) Reduced amount and cost of debt 2011 included provision releases
Total Realised Operating Income (ROI)(2) 227.2 221.5
Weighted average number of securities on issue (million) 1,794.6 1,855.5 $275 million securities bought back
ROI per ordinary security (cents) 12.0 11.3 Growth of 6.2%

(1) Includes corporate tax benefit

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

11

FINANCIAL RESULT

2012 Interim Result – earnings attribution Multiple performance drivers

EPS attribution

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0.1c -0.1c
0.3c -0.1c
12.0c
0.6c
1.0% -1.2%
-1.1% 6.2%
2.4%
11.3c
5.2%
EPS 30 Income Interest Buy-back Disposals Lower Tax EPS 30
June 2011 Growth Rates Benefit June 2012
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Note: EPS defined as ROI per ordinary security.

12

FINANCIAL RESULT

Management expenses Income growth continues to exceed expense growth

• Comparable income growth of 4.3% outpacing comparable management expense growth of 1.3%

Expenses

Six months to 30 June ($m)	2012	2011
Corporate Overheads	12.8	10.5
Portfolio Expenses	28.6	27.0
Add back: Tax Benefit	0.9	2.7
Add back: One-off Items(1)	-	1.6
Ongoing Management Expenses	42.3	41.8

‘Jaws’ for six months to 30 June 2012

‘Jaws’ = 3.0% 4.3% 1.3% Income Expense growth[(2)] growth[(2)]

• (1) One-off item is an over-accrual of bonus expenses from 2010

• (2) Comparable income growth and expense growth

13

FINANCIAL RESULT

Management expenses Fit for growth

• Review of cost structure

• Significant restructure resulting in removal of roles, creation of new roles, overall reduction in headcount

• Majority of roles removed from:

• Asset management: consolidation of development and asset leasing teams

Impact of ‘Fit for Growth’ program

Estimated impact ($m)	2012	2013
Reduction in expenses(1) (4.6) (17.6)
ROI impact 2.0 10.0
Redundancy cost 2012(2) (6.6)

• Development: reduced activity in retail development

• Finance: system improvements

• Substantial reduction in management expense ratio to around 50 basis points

• (1) Reduction in direct expenses attributable to the cost review, before capitalised expenses and tax

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14

(2) Restructuring costs are one-off costs and will, therefore, not be included in ROI

FINANCIAL RESULT

Balance sheet Well positioned balance sheet

GPT Balance Sheet

		30 Jun 2012	30 Jun 2012	31 Dec 2011
Total assets ($m) 9,001 9,288
Total borrowings ($m) 1,912 2,144
Net tangible assets per security ($) 3.65 3.59
Gearing (%)(1) 20.2 22.9
Look through gearing (%)(1) 23.1 24.4
Interest cover ratio (x) 4.7 4.2
Credit ratings
	30 Jun 2012		31 Dec 2011
Standard & Poor’s A– (stable) A– (stable)
Moody’s A3 (stable) A3 (stable)

(1) Based on net debt

15

CAPITAL MANAGEMENT

Capital management Active management of capital levers

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Effective
debt
manage-
ment
Active
Capital
portfolio Security
management
manage- buy-back
levers
ment
Leverage
via funds
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16

CAPITAL MANAGEMENT

Capital management Continued reduction in cost of debt

• Forecast cost of debt reduced by 50bps from previous 2012 forecast to 5.7%

• Renegotiation of existing loans

• Termination of expensive hedges as asset sale proceeds received

• Forecast 2012 average debt cost 90bps lower than 2011

Average cost of debt

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7.4%
6.6%
6.2%
5.7%
Fees
Margin
Floating
rate
Fixed rate
Actual Actual Last Current
2010 2011 Forecast Forecast
2012 2012
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17

CAPITAL MANAGEMENT

Capital management Flat maturity profile with long tenor

� Weighted average term to maturity of 5 years versus target of 4 years

� $100m bond issue in July 2012 – increased tenor and diversification

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Sources of debt Debt maturity profile
Facility
CPI
A$ million
Bonds
4%
MTNs
Domestic
24%
bank
debt
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 2H
54%
2012 2013 2014 2015 2016 2017 2018 20192019 2029
Foreign
bank
debt
18%
375
325
287
236 250
200
135 140
100 75 85
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FINANCIAL RESULT

Improving returns Focus on increasing return on equity

� Reducing cost base

• Reduced average cost of debt

• Increased return on capital invested in the wholesale funds

• Sale of low income producing assets

Earnings per security[(1)]

Total return[(2)]

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24.0c
22.4c 9.3% 9.2%
20.7c Minimum
+7.0% guidance
+8.1%
for full (3)
4.9%
year
1H 2012
2010 2011 2012F 2010 2011 June 2012
(Annualised)
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• (1) Earnings per security defined as ROI per ordinary security

• (2) Total return is defined as DPS (on NTA) plus change in NTA annualised for full year

• (3) Impacted by derivative movements

19

PORTFOLIO

Portfolio weighting Moving towards target portfolio weighting

Portfolio weighting Portfolio weighting As at 31 December 2011 As at 30 June 2012

Target portfolio weighting

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9%
11%
15%
61% 30% 57% 32% 50% 35%
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Retail Office Logistics & Business Parks

• Structural changes in retail landscape and outlook favour a more balanced weighting

• Strategy is to move the retail portfolio to 50% of the balance sheet portfolio, with redeployment of capital into office, logistics and business park opportunities

20

PORTFOLIO

Investment Management Strong portfolio performance

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|||||||
|---|---|---|---|---|---|
|Portfolio|Comparable|WALE|Occupancy|WACR|
|Size|[(1)]|Income Growth|[(2)]|
|Retail|$4.8bn|3.9%|4.4 years|99.1%|6.10%|
|Office|$2.7bn|5.6%|4.8 years|93.6%|7.01%|
|Logistics &|$0.9bn|2.5%|6.1 years|99.0%|8.36%|
|Business Parks|
|Total|$8.4bn|4.3%|4.7 years|97.8%|6.61%|
|Retail|Office|Logistics & Business Parks|
|Other|Other|
|Other|
|14%|17%|
|25%|
|Structured|
|4.5%|4.0%|3.4%|
|Rental|average|average|average|
|Increases|[(3)]|increase|increase|increase|
|Fixed|Fixed|Fixed|
|86%|83%|78%|
|(1) Assets as at 30 June 2012. (2) Income for the 6 months to 30 June 2012 compared to the previous corresponding period. (3) For full year 2012|

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21 (1) Assets as at 30 June 2012. (2) Income for the 6 months to 30 June 2012 compared to the previous corresponding period. (3) For full year 2012

PORTFOLIO

Retail Continues to deliver solid operating performance

Key operating metrics

Six months to 30 June	2012	2011
Comparable income growth 3.9% 4.1%
Comparable total centre sales growth(1) 0.4% 1.2%
Comparable specialty sales growth(1) 0.4% 2.1%
Specialty sales psm(1) $8,981 $8,904
Specialty occupancy costs(1) 17.8% 17.3%
Occupancy 99.1% 99.9%
Weighted average capitalisation rate 6.10% 6.19%

• (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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PORTFOLIO

Retail Resilient despite headwinds

• Comparable income growth of 3.9% underpinned by high proportion of structured rental increases

• Customer traffic and average spend remain steady

• 99.1% occupancy represents only 40 vacant shops out of 3,700 tenancies

• Re-leasing spreads currently -6% but maintaining 4.5% structured rental growth

Six months to 30 June	2012	2011
Vacancies(1,2) 40 30
Arrears: % annual billings $ value 0.7% $3.9m 0.5% $2.9m
Bad debts $197,000 $90,000
‘Critical’ retailers 47 40
Total centre sales(1) $5.10bn $5.08bn
Revaluation uplift $55.1m $81.0m

• Holdovers represent 1% of base rent

• (1) Excludes development impacted centres

(2) Includes Charlestown Square

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PORTFOLIO

Retail Sales impacted by cyclical factors

• Retail sales growth at cyclical low due to economic uncertainty and subdued consumer sentiment

• Retailer margins have increased over past decade despite volatile sales

GPT monthly specialty sales growth Jan – Jun 2012

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3.7%
1.6% 1.6%
1.0%
(0.6%)
(3.6%)
Jan Feb Mar Apr May Jun
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Retailer margins vs retail sales

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10% Margins 5%
8% 4%
6% 3%
4% 2%
Sales
2% 1%
0% 0%
92 94 96 98 00 02 04 06 08 10 12
ABS Retail MAT (LHS)
Gross operating profit to Sales (RHS)
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• Source: ABS Business Indicators data (5676.0).

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PORTFOLIO

Retail Actively addressing structural changes

Retail structural changes

Opportunities for GPT

• Online retail growth

• Price harmonisation

• Continued enhancement of quality, regional centres

• Changing consumption patterns

• Growing consumer preference for experiences

• Digital strategy focused on driving physical traffic

• Evolution of the retail offer – shift towards more food, entertainment, health and wellbeing offers

• Focus on customer experiences

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PORTFOLIO

Retail Development Highpoint update

• Development is progressing well with 70% of specialty shops leased to high quality domestic and international brands

Stage one Stage Two Stores Woolworths David Jones and 35 and 65 specialties specialties Leasing Fully leased 35 stores Update leased Completion Late 2012 Early 2013 Status On track On track

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PORTFOLIO

Office Income growth of 5.6% achieved in first half

Key operating metrics

Six months to 30 June	2012	2011
Comparable income growth 5.6% 3.4%
Occupancy 90.6% 96.9%
Occupancy (including terms agreed)(1) 93.6% 97.5%
Weighted average lease expiry 4.8 years 4.9 years
Leases signed 35,026 sqm 46,501 sqm
Terms agreed at year end 27,484 sqm 16,255 sqm
Weighted average capitalisation rate 7.01% 7.11%

(1) Excluding development leasing

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PORTFOLIO

Office Portfolio quality underpins performance

• Strong income growth driven by high average occupancy and rental growth

• Reduced occupancy due to a number of lease expiries at 30 June and inclusion of 111 Eagle Street

• Managing risk of key upcoming expiries with Citigroup lease renewed

• � Portfolio achieved average NABERS Energy rating of 5.0 stars

Sydney supply vs GPT expiry

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‘000 sqm [(1)] Expiry
MLC Centre Barangaroo Barangaroo
200 2 Park Street C4 and C5 C3 20%
1 Farrer Place
150 15%
100 10%
50 5%
0 0%
-50 -5%
2012 2013 2014 2015 2016 2017 2018
Forecast Net Increase in Supply GPT Sydney Lease Expiry
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(1) Source of supply data: Jones Lang LaSalle

PORTFOLIO

Office Mixed outlook across primary CBD markets

• Actively targeting to expand portfolio from 30% to 35%

• Focus on prime assets with preference for GPT to have control

• Long term investment timeframe

• Proactively managing capital expenditure

Market Outlook[(1)] (arrows represent outlook)

First Half & Outlook	Rental Growth	Prime Vacancy	Incentives	Supply	Demand
Sydney +1.8%� 9.3%� 26%� Limited in short term Flat
Melbourne +2.2%� 6.0%� 20%� Significant short term Weak
Brisbane +2.8%� 8.2%� 23%� Measured Moderate

(1) Source: Jones Lang LaSalle

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PORTFOLIO

Office Development One One One Eagle Street

• Completed in June 2012

• 82% of floor space committed

• GPT development profit of $44m

• Stabilised project development yield of 6.9%

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	Leasing
	Total NLA Signed and/or committed Average lease Average incentives Estimated 2012 income	64,000 sqm 52,500 sqm $820/sqm 25% -$3.3 million
	impact
	Fully committed target date	2013
	Development Profit
	Total GPT cost(1)	$199.9m
	Book value at 30 Jun 2012(1)	$205.2m
	Project profit	$5.3m
	Profit on 2008 land sale	$38.6m
	Total development profit	$43.9m

(1) Excludes costs to complete estimated at $22.4 million

30

PORTFOLIO

Logistics & Business Parks High occupancy and long WALE maintained

• Renamed to better describe our portfolio

� Low vacancy and limited downtime underpins solid income performance

• Weighted average capitalisation rate firmed 11 basis points

Key operating metrics

Six months to 30 June	2012	2011
Comparable income growth 2.5% 2.8%
Occupancy 99.0% 98.8%
Weighted average lease expiry 6.1 years 6.2 years
Leases signed 44,711 sqm 20,417 sqm
Weighted average capitalisation rate 8.36% 8.47%

31

PORTFOLIO

Logistics & Business Parks Moving towards target weighting of 15%

• Addition of $178 million to Logistics & Business Parks portfolio in 2012 demonstrates progress in growth strategy

• Completion of 5 Murray Rose Avenue valued at $64 million

• $115 million in acquisitions: Citiport Business Park and Derby Street/ Interchange Drive

Portfolio expansion

Acquisition

Development

Defined Submarkets: Proximity to major infrastructure nodes and infill locations

Quality Definition : Defined physical and location attributes

$400 million pipeline: GPT’s existing land banks, primarily located in Erskine Park (Western Sydney), Somerton (Victoria) and Sydney Olympic Park

32

PORTFOLIO

Logistics & Business Parks Underlying fundamentals remain positive

• Limited supply and speculative development

• Low vacancy in Sydney and Melbourne

• Strong tenant demand for existing stock evidenced by low downtime in vacancies

• Increased import levels support demand for warehouse and logistics space

• Improvement in pre-lease enquiry, however, transition to deals is slow

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Container throughput growth 2011/12 Growth
2.5 TEUs [(1)] Melbourne [(2)] +7.8%
2.0 Sydney [(3)] +1.0%
No.
1.5
TEUs
(millions)
1.0 Brisbane [(4)] +4.7%
0.5
0.0
2 00 0 01 02 03 04 05 06 07 08 09 10 11 12
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• (1) TEU = Twenty foot equivalent units

• 33 (2) Port of Melbourne Media Release; (3) Sydney Ports Trade Statistics; (4) Port of Brisbane Trade Statistics; Historical data sourced from Ports Australia

PORTFOLIO

Logistics & Business Park Development 5 Murray Rose

• Completed in April 2012

• 100% leased to Lion Group for 12 years

• Stabilised development yield of 8.5%

• Development profit of $5 million

• Achieved 6 Star Green Star design rating

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34

STRATEGY

Growth strategies Four growth platforms, consistent with risk profile

+ Development + + management sources

� Potential to generate meaningful profit from growth platforms

• Aligned with strategy and risk appetite

• Relatively low impact on balance sheet

35

STRATEGY

Growth platform 1: Funds management Strategy to grow via two pathways

• Focus on growing existing funds in the short term

• Acquisitions and developments

• Logistics wholesale fund – after target weighting is achieved on balance sheet

• Other funds and wholesale structures – aligned with strategy and risk profile

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Target to double profit contribution from funds management business

36

STRATEGY

Growth platform 1: Funds management Increasing size and quality of existing funds

• Acquired $586m assets in 1H 2012

• Continues to improve quality of funds

GPT Funds Growth in FUM ($ million)

GWOF:

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

6,407 593 7,000
586
5,517 304
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• Acquired 150 Collins Street

• Completed 111 Eagle Street development

• Sold Mort St, Canberra

• Sold hotel in Brisbane Transit Centre

GWSCF:

• Acquired 50% interest in Casuarina Square and Westfield Woden

• Commenced capital raising

37

STRATEGY

Growth platform 2: Development A dual approach

• Focus on value enhancement of existing assets

• Mainly retail and major office projects

• Building further capability in logistics and business park development

• Will help target weighting to be achieved on balance sheet, with GPT having the option to retain or sell assets for a profit

• Target for logistics and business park development business to contribute up to 5% of total earnings

38

STRATEGY

Growth platform 3: New profit sources Opportunities across assets and customers

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

GPT
Extracting value from
intangible
real estate expertise
assets Examples:
Exploiting information value � Digital strategy,
including tailored
digital advertising
Source
Monetising the
of value
consumer
presence
� GPT Energy:
Extending into
value chain embedded energy
networks and
New uses of physical
GPT generation
infrastructure
physical
portfolio
Existing
New
Tenants Target
customers
customers
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39

STRATEGY

GPT people Focus on culture and capability aligned with strategy

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• Renewal program underway

• Culture of achievement and accountability

• Adopted seven cultural values – being embedded throughout the business

40

OUTLOOK

Outlook for second half of 2012 Earnings and value drivers

Portfolio	�	Steady income growth based on structured rental
income		increases and high occupancy
	�	Improved outcome from leasing success at One One
		One Eagle Street, and sale of Newcastle CBD
Growth	�	Increased fees from growth in wholesale funds
	�	Selective asset acquisitions
Operating	�	Positive ‘jaws’ maintained
expenses	�	Management expense ratio of around 50 bps in 2013
Capital	�	Forecast 5.7% average cost of debt for full year 2012
management	�	Continued opportunistic security buy-back
Asset values	�	Stable valuation outlook

41

OUTLOOK

Outlook for full year 2012

� Targeting EPS[(1)] growth of at least 7% for 2012

• Payout ratio of no less than 80% of ROI

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

42

HIGHLIGHTS

GPT Interim Result Solid business model delivering strong results

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Long term investment value

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Active portfolio management

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Deep capability

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Effective capital management

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Contact Information

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Michael Cameron Chief Executive Officer and Managing Director Tel: +61 2 8239 3565 Mob: +61 410 437 597 Email: michael.cameron@gpt.com.au

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Michael O’Brien Judy Barraclough Chief Financial Officer Head of Strategy and Corporate Affairs Tel: +61 2 8239 3544 Tel: +61 2 8239 3752 Mob: +61 417 691 028 Mob: +61 418 962 301 Email: michael.o’brien@gpt.com.au Email: judy.barraclough@gpt.com.au

The GPT Group ABN 27 107 426 504 Level 51 MLC Centre 19 Martin Place Sydney NSW 2000 Tel: +61 2 8239 3555 Fax:+61 2 9225 9318

www.gpt.com.au

44

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 30 June 2012 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.

ROI is reported in the Segment Note disclosures which are included in the audited financial report of The GPT Group for the six months ended 30 June 2012.

To provide information that reflects the Directors’ assessment of the net profit attributable to stapled securityholders calculated in accordance with Australian Accounting Standards, certain significant items that are relevant to an understanding of GPT’s result have been identified. The reconciliation ROI to Statutory Profit is useful as ROI is the measure of how GPT’s profitability is assessed.

ROI is a financial measure that is based on the profit under Australian Accounting Standards adjusted for certain unrealised items, non-cash items, gains or losses on investments or other items the Directors determine to be nonrecurring or capital in nature. ROI is not prescribed by any Australian Accounting Standards. The adjustments that reconcile the ROI to the Statutory Profit for the year may change from time to time, depending on changes in accounting standards and/or the Directors’ assessment of items that are non-recurring or capital in nature.

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