GPT GROUP — Interim / Quarterly Report 2013

Aug 11, 2013

GPT 2013 INTERIM RESULT

AGENDA

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Michael Cameron CEO

• Business Performance

• Outlook

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Mark Fookes CFO

• Financial Performance

• Capital Management

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Carmel Hourigan  Portfolio Performance Head of Investment Management  Investment Management

2

2013 INTERIM RESULT Driving total returns

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Disciplined
capital
allocation
Flexible and Hyper-
opportunistic efficient
team organisation
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3

GPT

A total return business

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 Rigorous capital allocation
 Dynamic portfolio management
NTA Change  Disciplined balance sheet with capacity
 Development and FM to enhance returns
Total Return
> 9%
 High occupancy and fixed rental increases
Distribution
100% of  Growth platforms to enhance earnings
AFFO [1 ]
 “Jaws” and low MER
 Low gearing and active buy-back
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4

ACQUISITION STRATEGY

Security buy-back is our investment benchmark

• Disciplined consideration of market fundamentals

Office

• Prime assets with robust total return

• Fund-throughs only with strong pre-leasing

• Prime assets with robust total return

Industrial

• Fully activate existing land bank

• Profitable development opportunities

• Reposition and actively manage

Retail

• Asset scrub

• De-risk long term performance

5

STRATEGY

Five year strategy update

• The strategy will embrace:

• Evolution not revolution

• Capital allocation as the driver of total returns

• Maximising the financial potential of Australian ‘core’ property

• An organisation that’s flexible, opportunistic and not bound by industry convention

• A frugal, entrepreneurial culture that will deliver on the aspirations of investors and tenants

• Further detail to be provided in October 2013

6

INTERIM RESULT HIGHLIGHTS An active start to 2013

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Sale of Homemaker
$300m
Fortitude Valley
A$100m
Highpoint
HKD issue Acquisition of Sale of Erina completed for
expansion
$100m
3 Figtree Drive Fair completed
completed
completed
for $19m for $397m
GWSCF raises
$230m in new
equity
Jan Feb Mar Apr May Jun
2013 2013 2013 2013 2013 2013
Internalisation of
A$243m USPP
property management
Issue completed of GWOF completed
Sale of Homemaker GWOF acquires 50%
Aspley and Jindalee Interest in 8 Exhibition Buy-back
completed for $92m Street for $160m extended for
12 months
$780m development of 161
Castlereagh St completed 7
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2013 INTERIM RESULT SUMMARY Performance against key targets

2013 Target	30 June 2013	Outcome
EPS(1)growth > 5%	6.0%	On track
12 Month Total Return(2)> 9%	8.6%	Below target
Leading relative Total Securityholder Return(3)	10.2%	Below target

8

2013 INTERIM RESULT SUMMARY

6.0% increase in earnings per security

6 months to 30 June ($m) 2013 2012 Change	6 months to 30 June ($m) 2013 2012 Change	6 months to 30 June ($m) 2013 2012 Change
Total Realised Operating Income (ROI) 236.5	227.2	4.1%
Valuation movements 31.6	122.2
Financial instruments marked to market and FX movements 8.3	(55.1)
Other(1) (19.4)	(18.8)
A-IFRS net profit 257.0	275.5	6.7%
ROI per ordinary security (cents)(2) 12.7	12.0	6.0%
Distribution per ordinary security (cents) 10.1	9.5	6.3%

9

SEGMENT PERFORMANCE

Management company moving to profitability

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||||||||
|---|---|---|---|---|---|---|
|6 months to 30 June ($m)|2013|2012|Change|Impact of asset sales offset by|
|comparable income growth of 1.5%|
|Retail NOI|139.6|160.4||13.0%|
|Contribution from 111 Eagle St offset|
|Office NOI|73.1|68.0||7.5%|
|by comparable income growth of -0.7%|
|Logistics & Business Parks NOI|37.1|32.4||14.5%|
|Impact of asset acquisitions and|
|Fund Distributions|35.8|33.5||6.9%|developments plus comparable income|
|growth of 3.2%|
|Asset Income|285.6|294.3|
|Increased distributions from higher|
|Management Company Fees|25.2|23.6||6.8%|interest in GWSCF|
|Management Expenses|(29.5)|(42.3)||30.3%|
|Increase in Funds Management fees|
|Tax Benefit/(Expense)|(0.6)|2.1|
|Management Company|(4.9)|(16.6)|Impact of Fit for Growth and other|
|optimisation initiatives|
|Net Interest Expense|(49.8)|(59.2)||15.9%|
|Reduced amount and cost of debt|
|Non-Core Income|5.6|8.7|
|Realised Operating Income|[(1) ]|236.5|227.2||4.1%|10|

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MANAGEMENT EXPENSES 30% reduction in expenses

6 months to 30 June ($m)	2013	2012
Corporate Overheads	13.1	13.3
Investment Management	3.2	4.1
Asset Management	4.7	10.4
Development Management	3.7	9.3
Funds Management	4.8	5.2
Total Portfolio Expenses	16.4	29.0
Total Management Expenses	29.5	42.3

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$42.3m
Corporate
Costs
$13.3m
$29.5m
Corporate
Costs
$13.1m
Portfolio
Expenses
$29.0m
Portfolio
Expenses
$16.4m
2012 2013
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11

CAPITAL MANAGEMENT Buy-back and distribution update

• GPT acquired an additional 25.2 million securities in the buy-back in 2013

• Buy-back to continue at levels accretive to earnings and NTA

• GPT pays out 80% of ROI which equates to approximately 100% of AFFO

• GPT will move to FFO / AFFO in 2014

• Tax deferred status to change to industry norm

Buy-back as at 30 June		2013
Securities acquired		113.9m
% of securities on issue		6.1%
Cost		$368.6m
Averagepricepaid		$3.24
Average discount to NTA		14.0%
Value created		$50.4m
Distribution 6 months to 30 June	2013	2012
Distribution (cps)	10.1	9.5
Proportion of ROI	80%	80%

12

CAPITAL MANAGEMENT Balance sheet demonstrates disciplined approach

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||||||||
|---|---|---|---|---|---|---|
|30 Jun|31 Dec|Change|
|2013|2012|
|Net tangible assets per security|$3.76|$3.73||0.8%|
|Proceeds from asset|
|Total borrowings|$2,046m|$2,144m||4.6%|sales offset by|
|security buy-back|
|Gearing|[(1) ]|19.9%|21.7%||180bps|
|Weighted average cost of debt|5.21%|5.08%||13 bps|
|Higher rate, longer|
|Weighted average term to maturity 6.6 years|5.4 years||1.2 years|
|term debt secured|
|Look through gearing|[(1) ]|21.9%|23.9%||200bps|
|Interest cover ratio|5.4x|5.1x||0.3x|
|Weighted average term of interest|Increased hedging|
|rate hed|in|6.4 years|2.4 years||4.0 years|term in 1H13|
|g|g|

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13

CAPITAL MANAGEMENT

Significant progress on diversification and tenor

• Bank debt down to 49%, bonds increased to 51% of total facilities

• Tenor lengthened from 5.4 to 6.6 years as a result of issuing 12 and 15 year bonds in Hong Kong and USA

Sources of debt

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Sources of debt Debt maturity profile
Long &
CPI Bonds
Flat
USPP Facility
4% Expiries
12% Domestic A$ millions
Foreign bank debt
MTNs
35%
5%
Domestic
MTNs 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
Foreign
30%
bank debt 2013 2014 2015 2016 2017 2018 2019 2022 2025 2028 2029
Secured
10%
bank debt
4%
425
405
367
250
216
196
146
100
75 85
50
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14

INVESTMENT MANAGEMENT High occupancy and long WALE

PORTFOLIO SUMMARY

GPT Portfolio Diversity

	Portfolio Size(1)	Comparable Income Growth(2)	WALE	Occupancy	WACR		LBP 13%
Retail	$4.5 bn	1.5%	4.3 yrs	99.5%	6.03%
Office	$2.8 bn	(0.7%)	5.6 yrs	95.2%	6.78%	Office
LBP Total	$1.0 bn $8.3 bn	3.2% 0.9%	5.4 yrs 4.9 yrs	98.5% 98.1%	8.27% 6.53%	34%	Retail 53%

15

INVESTMENT MANAGEMENT

12 month portfolio total return of 8%

Portfolio Total Return

• Short term market fundamentals weak across most sectors

• Strong capital return for office reflecting leasing success

• Retail

• (Inc. GWSCF Stake)

12 Months to 30 June 2013

Office LBP Investment (Inc. GWOF Stake) Portfolio Total Portfolio

• Retail impacted by Charlestown and Dandenong

3.1% 9.8% 0.7% 9.1% 8.4% 1.4% 8.0% 0.8% 7.1% 6.7% 6.6% 6.3% Income Return Capital Return Total Return

16

INVESTMENT MANAGEMENT Strong total return linked to WALE

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Office Total Return vs WALE [(1) ]
18.0%
818 Bourke
16.0% (5.2 yrs, 15.9%)
Melbourne Central Tower
14.0% (5.1 yrs, 15.2%)
12.0% 2 Park St
(5.3 yrs, 10.5%)
10.0% Australia Square
(5.5 yrs, 11.1%) Portfolio
Farrer Place (5.6 yrs, 9.8%)
8.0%
(3.0 yrs, 7.5%)
6.0%
MLC Centre
4.0% (3.8 yrs, 4.6%)
2.0%
2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0
WALE Years
30 June 2013
Total Return
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17

RETAIL

Active management reflected in high occupancy

Six months to 30 June	2013	2012
Comparable income growth	1.5%	3.9%
Comparable total centre sales growth(1)	1.0%	0.4%
Comparable specialty sales growth(1)	1.1%	0.4%
Specialty sales psm(1)	$8,984	$8,981
Specialty occupancy costs(1)	18.2%	17.8%
Occupancy rate	99.5%	99.1%
Net valuation movement	($18.4 m)	$55.1 m
Weighted average capitalisation rate	6.03%	6.10%

18

RETAIL

Positioning the portfolio for long term performance

• 330 leasing deals completed in first six months

• Leasing spreads of -5.8%

• On average 4.8% structured rental increases achieved on new deals

• Good progress on releasing Rouse Hill with 58 leasing deals completed

6 months to 30 June	2013	2012
Vacancies(1)	43	40
‘Critical’ retailers(2)	38	47
Holdovers	2.4%	1.0%
Arrears: % annual billings	0.6%	0.7%
Bad debts	$0.5m	$0.2m
Centre Traffic	+0.4%

19

RETAIL

Retailers and GPT are responding to challenges

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Retail Spending
Retailer Focus GPT Focus
Subdued
Competing with Improving gross profit Growing market share of
•
Category price deflation margins sales
• Overseas travel • Supply chain • Evolving the retail mix
•
Increased savings improvements
•
On-line leakage Efficiencies
Multi-channel • Reduce recoverable
•
Retail store showcase &
expenses
distributor
Risk minimisation
Service • Critical retailer
•
Improved product and management
customer service
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20

RETAIL

GPT focus: Active asset management

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Growing Market Share of
Efficiencies Risk Minimisation
Sales
Evolving the retail mix Reducing recoverable Critical retailer
•
Moving towards growth expenses management
• •
categories Management efficiencies Categorisation of every
• Focus on “experience” through synergies with retailer
•
office portfolio and ‘Fit Active management or
Shopping insights and for Growth’ replacement of Category
•
engagement Sustainability initiatives 4 and 5 retailers
•
Research – Quantium
•
Social Media engagement Remixing
•
Right tenant, right
Guest experience location
• New contract with • Secure rental growth
hospitality focus
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21

RETAIL

Erina delivers strong historical returns

• $200 million expansion of Erina Fair in 2003

• Sold in June 2013 for $397 million

• Delivered a 10 Year IRR of 9.37%

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$m
Erina Fair Capital Growth Composition
450
400
350
300
250
200
150
100
50
-
Purchased Purchased DevelopmentDevelopment Operational Revaluation Sale Price
33.33% 16.67% Capital Margin Capex & (2013)
(1992) (1995) (2003) Centre
Upgrades
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22

RETAIL

Highpoint on track to deliver significant profit

• $300 million expansion of Highpoint successfully completed in March 2013

• On track to deliver target yield and significant profit

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Highpoint (100% Interest)
$m
Capital Growth Composition
1,800
1,600
1,400
1,200
1,000
800
600
Pre Development Operational Revaluation to Value
Development Capital Capital 31 Dec 12 30 Jun 13
Valuation
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23
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RETAIL

Market outlook subdued, growth drivers improving

Supportive monetary policy and weakening dollar

Stable economic growth anticipated

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Cash Rate and Exchange Rate [(1) ] 5% IMF Forecast: Australian GDP Growth [(2) ]
20% 1.5
Cash Rate (LHS) $A-$US (RHS) Forecast
4%
15%
1 3%
10%
2%
0.5
5%
1%
0% 0 0%
2000 2002 2004 2006 2008 2010 2012 2000 2002 2004 2006 2008 2010 2012 2014 2016
Consumer wealth improving Consumer sentiment stabilising
House Prices and S&P ASX 200 [(3) ] Consumer Sentiment and Retail Sales [(4) ]
25% House Prices (LHS) ASX 200 (RHS) 60% 10% Australian Retail Turnover (LHS) 130
Consumer Sentiment (RHS)
20% 40% 8% 120
15%
20% 6%
110
10%
0% 4%
5% 100
-20% 2%
0%
90
-5% -40% 0%
-10% -60% -2% 80
2003 2005 2007 2009 2011 2013 2003 2005 2007 2009 2011 2013
Percentage
Annual Growth
Exchange Rate
Index
Moving Annual Growth
Moving Annual Growth Moving annual % change
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24

OFFICE

De-risking the portfolio

6 months to 30 June	2013	2012
Comparable income growth	(0.7%)	5.6%
Occupancy (including terms agreed)	95.2%	93.6%
Weighted average lease expiry	5.6 years	4.8 years
Leases signed	46,731 sqm	35,026 sqm
Terms agreed at period end	27,555 sqm	27,484 sqm
Net valuation movement	$32.2m	$44.6m
Weighted average capitalisation rate	6.78%	7.01%

25

OFFICE

Continued leasing success and future proofing

• 74,286 sqm leased or at HoA over 49 deals

• Solid total activity for the 6 months with 43,100 sqm secured over 34 deals

• 2014 expiry profile reduced to 11% from 20% at January 2012

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Lease Expiry Jun 11 vs Jun 13 [(1) ]
25.0%
19.7%
20.0%
15.0% 13.4%
11.2% 11.5%
10.0%
9.0%
10.0% 8.2%
6.8% 6.4%
5.8%
5.0%
0.0%
2013 2014 2015 2016 2017
Jun-11 Jun-13
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Building	Tenant	Area	Start Date	Income (%)	Status
GPT
2 Park Street	Chubb	1,738	Feb-14	0.4%	HOA
2 Park Street	Citi	18,469	Jul-14	3.7%	Signed
2 Park Street	Regus	1,724	Oct-13	0.3%	HOA
Australia Square	HWL Ebsworth	6,192	Oct-13	1.1%	HOA
Australia Square	Mi9	3,093	Jun-14	0.5%	Signed
Australia Square	Origin Energy	5,154	Sep-14	1.0%	Signed
MCT	ACMA	3,058	Jan-14	0.8%	HOA
MLC Centre	USCG	2,887	Oct-13	0.4%	Signed
GWOF
BTC	Australia Post	4,162	Sep-13	0.1%	HOA

26

OFFICE

Focused asset management

Australia Square Case Study

• 11.1% total return

• WALE increased to 5.5 years

• 54% of asset leased over past 2 years

• 3 largest tenants renewed in 1H13 covering 14,500 sqm (28% of the asset)

• 24 new lease deals completed over last 24 months with high tenant retention

• 2014 expiry reduced to 10% from 24%

• $13 million valuation uplift

• Internalised management driving performance

Melbourne Central Tower Case Study

• 15.2% total return

• 58% or 37,784 sqm of area re-leased over last 3 years

• Early activation of tenant expiry profile

• WALE increased to 5.1 years from 4.7 years

• No major expiries until end of 2017

• $26 million valuation uplift

• Internalised management driving performance

27

OFFICE Existing vacancies and future leasing focus

Asset Tenant	Area (sqm) Expiry	% of Portfolio	Floors
Current Vacancies
Melbourne Central Tower 3,817 1.2% Part Floors 2,9,10,46,49, 50,51
One One One Eagle St 10,427 1.1% Full Floors 30, 41-45 plus suites
Australia Square 4,447 0.7% Full Floors 22,23,24 plus suites
MLC Centre 3,992 0.6% Full Floors 24,63 plus suites
2 Park Street 2,375 0.4% 4 suites
1 Farrer Place 2,982 0.2% Level 43 plus suites
2013 Expiries
MLC Centre Freehills 20,137 Dec-13 3.2% Levels 18,23, 25-39
2014 Expiries
Melbourne Central Tower CSA 7,319 May-14 2.3% Levels 11-15
1 Farrer Place Corrs 7,371 May-14 0.6% Levels 32-36
2 Park St Citi 15,761 Jun-14 2.5% Various floors
1 Farrer Place State Govt 20,515 Dec-14 1.6% Levels 15, 24-42

28

OFFICE

Knowledge based response

Market Knowledge

• 11 assets internally managed post internalisation of GWOF assets

• Ownership exposure to 46% of premium market

• Leaseabilty audit ensures minimum standards in place

Asset Knowledge

• Peer set analysis to best value position our assets against competitors

• Individual asset branding

Customer Knowledge

• Meeting changing tenant demands

• Accessibility to all market participants

• Broadening target market and increasing channels of accessibility

Workspace Trend Knowledge

• Enabling assets to provide the services to facilitate flexible working

• Demonstrating assets can meet todays workspace trends

29

OFFICE MLC Centre Repositioning

• Opportunity: To holistically reposition the asset to be Sydney’s premier business precinct

• Outcome: Enhanced IRR, repositioned office tower, revitalised retail and activated precinct

 Deliverables:

• Immediate activation & refurbishment

• Short term precinct activation programme

• Plaza upgrade and minor lobby refurbishment

• Precinct redevelopment opportunity

• Enhanced lobby and café amenity

• New King & Castlereagh St retail

• Reactivate key pedestrian laneways

• Façade restoration

• Leasing

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• Floor refurbishments

• Renewed marketing and leasing campaign underway

30

OFFICE

Employment growth constraining short term recovery

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CBD Office: White Collar Growth [(1) ]
15,000
FY13 FY14(f)
10,000
5,000
0
-5,000
Aust. CBD Syd. CBD Melb. CBD Bris. CBD
Australian CBD Office: White Collar Growth [(1) ]
15,000 FY13 FY14 (f)
10,000
5,000
0
-5,000
-10,000
P&BS F&I Gov't Health Other Total BOD
collar Headcount
Annual Change in White
White Collar Headcount
Average Annual Change in
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• Key themes:

• Contraction in public sector employment in most markets

• Pull back in mining sector

• Continued cost cutting in the finance sector

• Outlook:

• F&I sector will still experience weakness over the next 12mths

• Government cut backs impacting growth in FY14

• Overall improvement in growth in FY14 to 1.4%

31

OFFICE

Lead indicators implying a recovery

Australian CBD Annual Net Absorption[(1) ]

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700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
-100,000
-200,000
-300,000
Annual Net Absorption (sqm)
1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013#
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Australian CBD Net Absorption v ASX200 [(2) ]
‘000sqm % change
Annual p.a
600,000 50%
500,000 40%
30%
400,000
20%
300,000 10%
200,000 0%
100,000 -10%
-20%
0
-30%
-100,000
-40%
-200,000 -50%
-300,000 -60%
Aust. CBD Net Absorption (LHS) ASX200 (RHS)
Dec.2000 Dec.2001 Dec.2002 Dec.2003 Dec.2004 Dec.2005 Dec.2006 Dec.2007 Dec.2008 Dec. 2009 Dec. 2010 Dec.2011 Dec.2012
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32

LOGISTICS & BUSINESS PARKS Solid performance in first half

6 months to 30 June	2013	2012
Comparable income growth	3.2%	2.5%
Occupancy	98.5%	99.0%
Weighted average lease expiry	5.4 years	6.1 years
Leases signed	38,744 sqm	44,711 sqm
Net valuation movement	$6.2m	$1.8m
Weighted average capitalisation rate	8.27%	8.36%

33

LOGISTICS & BUSINESS PARKS Dedicated Management and Development teams

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Investment Management
Office and Logistics
Portfolio Manager
Logistics & Business Parks
David Burgess Asset & Property Management
Development
Head of Asset & Property
Head of Development –
Logistics Analyst
Commercial and Industrial Management
John Thomas Matthew Faddy
National Director – National Director Leasing –
Development Development Development
Manager Manager Manager Office and Logistics Office and Logistics
Andrew Quade Charlotte Brabant Steven McGillivray Chris Davis Luke Briscoe
Development Development General Manager – Director Leasing – Office
Manager Manager Office and Logistics and Logistics
Darren Hunt Guido Verado Capital David Copley Jeremy Robotham
Transactions
Manager Analyst Logistics Capital Asset & Property Managers x 5
Joseph Ajaka Theodore Berney Transactions Manager
Sam Vincent
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34

LOGISTICS & BUSINESS PARKS Executing on growth strategy

 $288m of product acquired or developed

• $306m of investment and development product in preferred position

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Eastern Creek, Commence
Silverwater 3 Figtree Drive, developments
Industrial SOP acquisition,
acquisitions $306m
growth $19m
$54m
strategy
commenced Completion of
5 Murray Rose,
SOP, $70m
Jan Feb Apr Aug Dec Apr Jul Oct 2013
2012 2012 2012 2012 2012 2013 2013 2013 +
Citiport Toll NQX
Acquisition development
$60m $84m 35
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LOGISTICS & BUSINESS PARKS GPT capitalising on increased enquiry

• Material improvement in enquiry in Western Sydney industrial pre lease market

• Conversion to actual deals remains slow

 GPT capitalising on enquiry

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‘000s Western Sydney Leasing Enquiry
600
500
400
300
200
100
0
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
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36

GROWTH PLATFORM UPDATE Progress continues on all four platforms

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Funds
Development
Management
New Profit
Acquisitions
Sources
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37

PLATFORM 1: FUNDS MANAGEMENT Top two performing core wholesale funds

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GWOF Equity Raised – Year to June 2013 $M
 Delivered 10.6% return to investors New equity 666
 Number one performing office wholesale fund DRP participation 102
 Acquired 50% interest in 8 Exhibition Street for Secondaries 52
$160 million
Total 819
 Completed 161 Castlereagh Street development
Growth in FUM
 Internalisation of property management
6,627 295 169 7,091
approved
5,517
18% annualised
GWSCF growth
 Delivered 9.3% return to investors
 Number one performing retail wholesale fund

Raised an additional $230 million in capital
 Completed Highpoint expansion
Dec 11 FUM Dec 12 FUM Asset Growth Acquisitions Jun 13 FUM 38
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PLATFORM 2: DEVELOPMENT

Delivering on both pathways

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Retail & Major Projects
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Logistics and Business Parks

Achievements

Achievements

• Delivered $300 million Highpoint expansion with >7.25% yield and $140 million profit to date

• Delivered $780 million 161 Castlereagh Street development

• Increased committed pipeline by $234m of pre-leased developments

• 60% of land bank activated this year

• Commencing construction of 3 Murray Rose in September

• Wollongong Central and 150 Collins Street underway

39

PLATFORM 3: NEW PROFIT SOURCES Progress continues on all three platforms

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• Charlestown Square operational and four others underway

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• LiquidSpace Australia rollout commenced

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• Parcel locker trial underway at MLC Centre and Melbourne Central

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PLATFORM 4: ACQUISITIONS

$1.7 billion of transactions in past 18 months

• Acquisitions Divestments

•  Citiport Business Park Casuarina Square

•  83 Derby Street Westfield Woden

•  10 Interchange Drive Erina Fair

• Toll NQX  Homemaker Portfolio  150 Collins Street (GWOF)  10-12 Mort Street (GWOF)  8 Exhibition Street (GWOF)  BTC Hotel (GWOF)  3 Figtree Drive

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OUTLOOK FOR 2013

Earnings and value drivers

• Portfolio income High occupancy and fixed rental increases underpin stable income growth

• Focus is on retail remixing and near term office expiries

Growth

• Increased fees from FUM growth

• Significant progress in activation of land bank

• Disci lined asset transactions p

• Operating expenses On track for target MER of below 50 basis points

 Capital management Forecast 5.4% average cost of debt for 2013

• Ongoing security buy-back

• Asset values High demand for prime assets offset by softer fundamentals

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GUIDANCE FOR 2013 On track to achieve target

 Targeting EPS[(1)] growth of at least 5% for 2013

• Payout ratio of 80% of ROI (100% of AFFO)

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2013 INTERIM RESULT Driving total returns

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Disciplined
capital
allocation
Flexible and Hyper-
opportunistic efficient
team organisation
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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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Mark Fookes Chief Financial Officer Tel: +61 2 8239 3518 Mob: +61 412 279 833 Email: mark.fookes@gpt.com.au

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Wendy Jenkins Group Investor Relations Manager Tel: +61 2 8239 3732 Mob: +61 418 226 889 Email: wendy.jenkins@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

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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 30 June 2013 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 financial report of The GPT Group for the six months ended 30 June 2013.

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 non-recurring 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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