GPT GROUP - Interim / Quarterly Report 2014

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> GPT INTERIM RESULTPROPERTY COMPENDIUM 2014

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CONTENTS
Retail Portfolio	4
GWSCF Portfolio	14
Office Portfolio	24
GWOF Portfolio	33
Logistics Portfolio	50

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GPT INTERIM RESULTRETAIL PORTFOLIO 2014

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CASUARINA SQUARE, NORTHERN TERRITORY

Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The centre is located in the northern suburbs of Darwin, a 15 minute drive from Darwin’s Central Business District (CBD) and 20 minutes from the satellite town of Palmerston.

Servicing the local community since 1973, Casuarina Square offers customers an extensive selection of stores and services in a modern environment. The centre includes two discount department stores, two supermarkets, a variety of specialty stores and a cinema entertainment offer.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% CO-OWNER GWSCF (50%) ACQUIRED (BY GPT) October 1973 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1973 / Refurbished 1998

Property Details

RETAIL 51,300 sqm OFFICE 600 sqm OTHER 1,700 sqm TOTAL 53,500 sqm

Centre Details

NUMBER OF TENANCIES 188 CAR PARKING SPACES 2,410 SPECIALTY EXPIRY PROFILE 2H 2014: 18% 2015: 20% 2016: 20% BY BASE RENT RETAIL OCCUPANCY 99.8%

Current Valuation

Current Valuation
FAIR VALUE	$256.0m
CAPITALISATION RATE	6.00%
TERMINAL CAPITALISATION RATE	6.25%
DISCOUNT RATE	8.75%
VALUATION TYPE	Directors
INCOME (6 MONTHS)	$7.9m

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$8,475 $10,967 9.8% 15.5% $396.6m

Key Tenants

Key Tenants
Kmart Big W Woolworths BCC Cinemas Coles	AREA (SQM) EXPIRY DATE
	8,390 September 2030 6,850 December 2030 5,020 June 2018 4,120 December 2018 3,750 December 2020

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,500 125 30%
36%
2,000 120 reduction
since 2005 20%
1,500 115
1,000 37% 110 Recycling rate of
10%
reduction
500 since 2005 105 24%
0 100 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013.

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CHARLESTOWN SQUARE, NEW SOUTH WALES
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Charlestown Square is the largest shopping and entertainment destination in the Newcastle and Hunter region.

The centre has been servicing the local area since 1979 and provides customers with a unique retail, entertainment and community destination.

A redevelopment, completed late 2010, has added approximately 41,000 sqm and provided a new retail, entertainment and community destination for the Hunter Region of NSW.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) December 1977 ASSET TYPE Super Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1979 / Refurbished 1989, 2010-11

Property Details

RETAIL 79,900 sqm OFFICE 2,200 sqm OTHER 7,300 sqm TOTAL 89,300 sqm

Centre Details

NUMBER OF TENANCIES 314 CAR PARKING SPACES 3,450 SPECIALTY EXPIRY PROFILE 2H 2014: 3% 2015: 38% 2016: 22% BY BASE RENT RETAIL OCCUPANCY 98.7%

Current Valuation

Current Valuation
FAIR VALUE	$838.7m
CAPITALISATION RATE	5.88%
TERMINAL CAPITALISATION RATE	6.13%
DISCOUNT RATE	8.75%
VALUATION TYPE	External
INCOME (6 MONTHS)	$24.6m

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,351 $9,277 11.3% 16.9% $508.1m

Key Tenants

KeyTenants
Myer Big W Target Woolworths Reading Cinemas Coles	AREA (SQM) EXPIRY DATE
	11,500 October 2035 7,750 October 2030 5,590 July 2016 4,800 August 2030 4,580 October 2025 4,320 August 2030

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 100 100%
800 80 80%
600 60 60%
400 51% 40 49% 40% Recycling rate of
reduction reduction
200 since 2005 20 since 2005 20% 85%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013.

DANDENONG PLAZA, VICTORIA

Dandenong Plaza is located in south-east Melbourne. The Centre is the retail heart of central Dandenong, a social and economic centre of south-east metropolitan Melbourne and culturally diverse locality in Victoria. The Centre has been servicing its local region and community since 1989.

Works commenced late 2013 to replace Myer with four new Mini-Majors (ALDI, Trade Secret, Dasio and JB HiFi). The works will be completed in the second half of 2014.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) December 1993 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1989 / Refurbished 1995

Property Details¹

Property Details¹
RETAIL	60,700 sqm
OFFICE	0 sqm
OTHER	700 sqm
TOTAL	61,400 sqm

Centre Details

NUMBER OF TENANCIES¹ 182 CAR PARKING SPACES 3,248 SPECIALTY EXPIRY PROFILE 2H 2014: 14% 2015: 26% 2016: 19% BY BASE RENT RETAIL OCCUPANCY² N/A

Current Valuation

Current Valuation
FAIR VALUE	$173.5m
CAPITALISATION RATE	8.00%
TERMINAL CAPITALISATION RATE	8.25%
DISCOUNT RATE	9.50%
VALUATION TYPE	Directors
INCOME (6 MONTHS)	$8.1m

Sales Information²

Sales Information²
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$4,473 $6,321 11.2% 18.4% $206.2m

Key Tenants

Key Tenants
Target Kmart Safeway Coles Reading Cinemas	AREA (SQM) EXPIRY DATE
	6,660 July 2015 5,790 July 2027 3,890 December 2014 3,300 May 2028 2,780 August 2023

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SUSTAINABILITY
Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,400 150 40%
1,200
30%
1,000
100
800
20%
600 17% 30% Recycling
400 reduction 50 reduction rate of
since 2005 since 2005 10% 18%
200
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Pre-development impact. 2. Development impacted. Note: Sustainability data as at 31 December 2013.

HIGHPOINT SHOPPING CENTRE , VICTORIA

Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north-west of the Melbourne CBD and is one of Australia’s leading retail destinations.

Highpoint is one of the largest shopping centres in Australia and incorporates approximately 500 stores including western Melbourne’s first David Jones, as well as several international retailers including Zara, Topshop, Apple and Samsung.

The centre delivers a strong retail experience for customers and provides the western region of Melbourne with an extensive retail, entertainment and lifestyle offer.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 16.67% CO-OWNERS GWSCF (50%) Highpoint Property Group (33.33%) ACQUIRED (BY GPT) August 2009 ASSET TYPE Super Regional Centre CONSTRUCTION/REFURBISHMENT Main Centre: Completed 1975 /

Main Centre: Completed 1975 / Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990

Property Details

RETAIL 145,600 sqm OFFICE 1,900 sqm OTHER 6,400 sqm TOTAL 153,900 sqm

Centre Details

NUMBER OF TENANCIES 497 CAR PARKING SPACES 7,341 SPECIALTY EXPIRY PROFILE 2H 2014: 11% 2015: 13% 2016: 16% BY BASE RENT RETAIL OCCUPANCY 99.5%

SUSTAINABILITY

Current Valuation

Current Valuation
FAIR VALUE¹	$307.7m
CAPITALISATION RATE TERMINAL CAPITALISATION RATE DISCOUNT RATE VALUATION TYPE INCOME (6 MONTHS)	5.50% 5.75% 8.50% Directors $8.7m

Sales Information²

Sales Information²
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,246 $9,530 14.2% 20.9% $881.5m

Key Tenants

Key Tenants
Myer David Jones Target Hoyts Big W Woolworths	AREA (SQM) EXPIRY DATE
	19,120 June 2021 14,000 March 2033 9,920 July 2015 9,030 April 2019 8,160 June 2025 4,240 October 2032

Operational Waste (% reused/recycled)

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,200 150 40%
1,000 120
30%
800
90
600 20%
30% 60 32% Recycling
400 reduction reduction rate of
since 2005 30 since 2005 10% 24%
200
0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Includes Homemaker City Maribyrnong. 2. Development impacted. Note: Sustainability data as at 31 December 2013.

MELBOURNE CENTRAL, VICTORIA

Melbourne Central is a landmark office and retail property, located in the Melbourne CBD. Surrounding the historic Shot Tower, Melbourne Central features contemporary fashion retailers as well as a vibrant entertainment precinct.

With over 300 retailers, the shopping centre covers two city blocks and is conveniently located directly above Melbourne Central train station.

A GPT managed retail asset, the urban shopping centre attracts a wide variety of customers including CBD workers, tourists, students and residents from the inner ring suburbs of Melbourne.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) May 1999 ASSET TYPE City Centre CONSTRUCTION/REFURBISHMENT Completed 1991 / Refurbished 2005, 2011 Property Details RETAIL 46,600 sqm OFFICE 0 sqm OTHER 6,100 sqm TOTAL 52,700 sqm

Centre Details

Centre Details
NUMBER OF TENANCIES	301
CAR PARKING SPACES	822
SPECIALTY EXPIRY PROFILE BY BASE RENT	2H 2014: 17% 2015: 22% 2016:22%
RETAIL OCCUPANCY	99.6%

Current Valuation

Current Valuation
FAIR VALUE¹	$1,003.7m
CAPITALISATION RATE²	5.75%
TERMINAL CAPITALISATION RATE²	6.00%
DISCOUNT RATE²	8.75%
VALUATION TYPE	Directors
INCOME (6 MONTHS)	$31.4m

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER Key Tenants	TOTAL CENTRE SPECIALTIES
	$7,907 $9,596 17.7% 21.4% $393.0m
Hoyts Coles	AREA (SQM) EXPIRY DATE
	7,710 September 2020 1,310 September 2019

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,200 250 30%
200
2,000 20%
120
100 26% Recycling
1,800 reduction 10% rate of
50 since 2005 25%
1,600 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Includes retail and car park. 2. Retail component only. Note: Sustainability data as at 31 December 2013.

ROUSE HILL TOWN CENTRE, NEW SOUTH WALES

Rouse Hill Town Centre is located approximately 35km north-west of the Sydney CBD. Rouse Hill Town Centre combines the traditional values and streetscape of a contemporary market town with the latest shopping, dining and lifestyle choices, and has set a new standard for sustainable retail developments.

The centre is located along Windsor Road in the Baulkham Hills Local Government Area and features two discount department stores, two supermarkets and a cinema/entertainment precinct.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) Stage 1: September 2007 Stage 2: March 2008 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 2008

Property Details

RETAIL 62,300 sqm OFFICE 1,400 sqm OTHER 5,200 sqm TOTAL 68,900 sqm

Centre Details

NUMBER OF TENANCIES 244 CAR PARKING SPACES 2,939 SPECIALTY EXPIRY PROFILE 2H 2014: 24% 2015: 14% 2016: 7% BY BASE RENT RETAIL OCCUPANCY 99.8%

Current Valuation

Current Valuation
FAIR VALUE	$472.7m
CAPITALISATION RATE	6.00%
TERMINAL CAPITALISATION RATE	6.25%
DISCOUNT RATE	8.75%
VALUATION TYPE	Directors
INCOME (6 MONTHS)	$14.5m

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,649 $7,425 9.1% 15.0% $400.2m

Key Tenants

Key Tenants
Big W Target Reading Cinemas Woolworths Coles	AREA (SQM) EXPIRY DATE
	8,560 March 2028 6,820 March 2028 5,780 April 2023 4,610 September 2027 4,120 September 2027

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 100 100%
1,200 80 80%
900 60 60%
600 40 40% Recycling
rate of
300 20 20% 67%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
11
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Note: This asset not operational in baseline year (2005). Sustainability data as at 31 December 2013.

SUNSHINE PLAZA, QUEENSLAND

Sunshine Plaza is located in Maroochydore on Queensland’s Sunshine Coast. Sunshine Plaza includes the region’s only Myer department store, two discount department stores and two full line supermarkets. In addition, the centre has a strong entertainment, leisure and lifestyle component. Sunshine Plaza is owned jointly with Australian Prime Property Fund Retail and is managed by Lend Lease. David Jones have agreed terms to open a store at Sunshine Plaza as part of a future development of the centre.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% CO-OWNER Australian Prime Property Fund Retail (50%) ACQUIRED (BY GPT) December 1992 ASSET TYPE Major Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1994 / Refurbished 2002

Property Details

RETAIL 71,800 sqm OFFICE 200 sqm OTHER 700 sqm TOTAL 72,700 sqm

Centre Details

NUMBER OF TENANCIES 250 CAR PARKING SPACES 3,500 SPECIALTY EXPIRY PROFILE 2H 2014: 23% 2015: 21% 2016: 17% BY BASE RENT RETAIL OCCUPANCY 99.6%

Current Valuation

Current Valuation
FAIR VALUE	$407.5m
CAPITALISATION RATE	5.75%
TERMINAL CAPITALISATION RATE	6.00%
DISCOUNT RATE	8.75%
VALUATION TYPE	External
INCOME (6 MONTHS)	$11.9m

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$8,385 $11,312 11.2% 18.5% $517.1m

Key Tenants

Key Tenants
Myer Target Kmart Coles BCC Cinemas Woolworths	AREA (SQM) EXPIRY DATE
	12,890 July 2024 6,900 July 2018 6,590 September 2020 5,630 February 2019 4,690 November 2022 3,880 November 2022

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SUSTAINABILITY
Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 150 50%
120 40%
1,000
90 30%
49% 60 13% 20% Recycling
500 reduction reduction rate of
since 2005 30 since 2005 10% 46%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013.

WESTFIELD PENRITH, NEW SOUTH WALES

Westfield Penrith is a super-regional shopping centre located in the heart of Penrith, which is approximately a one hour drive west of the Sydney CBD. The centre includes a Myer department store, two discount department stores, a cinema complex and two supermarkets. Westfield Penrith is owned jointly with, and managed by, Westfield.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% CO-OWNERS Westfield Group (25%) Westfield Retail Trust (25%) ACQUIRED (BY GPT) June 1971 ASSET TYPE Super Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1971 / Refurbished 2005

Property Details

RETAIL 84,800 sqm OFFICE 4,300 sqm OTHER 2,600 sqm TOTAL 91,700 sqm

Centre Details

NUMBER OF TENANCIES 325 CAR PARKING SPACES 3,521 SPECIALTY EXPIRY PROFILE 2H 2014: 11% 2015: 19% 2016: 31% BY BASE RENT RETAIL OCCUPANCY 99.9%

Current Valuation

Current Valuation	Current Valuation
FAIR VALUE $562.5m CAPITALISATION RATE 5.75% TERMINAL CAPITALISATION RATE 6.00% DISCOUNT RATE 8.50% VALUATION TYPE External INCOME (6 MONTHS) $16.4m Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$7,244 $10,759 12.5% 19.5% $590.5m

Key Tenants

Key Tenants
Myer Big W Target Hoyts Woolworths ALDI	AREA (SQM) EXPIRY DATE
	20,110 July 2033 8,740 March 2037 7,100 July 2019 4,790 April 2018 3,800 March 2032 1,610 November 2028

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SUSTAINABILITY
Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,800 150 50%
1,500 120 40%
1,200
90 30%
900
24% 60 26% 20% Recycling
600 rate of
reduction reduction
300 since 2005 30 since 2005 10% 40%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013.

GWSCF PORTFOLIO

CASUARINA SQUARE, NORTHERN TERRITORY

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% CO-OWNER GPT (50%) ACQUIRED (BY GWSCF) June 2012 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1973 / Refurbished 1998

Current Valuation

Current Valuation
FAIR VALUE	$255.8m
CAPITALISATION RATE	6.00%
TERMINAL CAPITALISATION RATE	6.25%
DISCOUNT RATE	8.75%
VALUATION TYPE	Directors

Property Details

RETAIL 51,300 sqm OFFICE 600 sqm OTHER 1,700 sqm TOTAL 53,500 sqm

Centre Details

NUMBER OF TENANCIES 188 CAR PARKING SPACES 2,410 SPECIALTY EXPIRY PROFILE 2H 2014: 18% 2015: 20% 2016: 20% BY BASE RENT RETAIL OCCUPANCY 99.8%

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$8,475 $10,967 9.8% 15.5% $396.6m

Key Tenants

Key Tenants
Kmart Big W Woolworths BCC Cinemas Coles	AREA (SQM) EXPIRY DATE
	8,390 September 2030 6,850 December 2030 5,020 June 2018 4,120 December 2018 3,750 December 2020

SUSTAINABILITY

Operational Waste (% reused/recycled)

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Note: Sustainability data as at 31 December 2013.

GWSCF PORTFOLIO

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CHIRNSIDE PARK, VICTORIA
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Chirnside Park is a regional shopping centre that has been servicing the community of outer eastern Melbourne since 1979. The centre offers customers an extensive selection of stores, with a strong focus on convenience and value-driven fresh food.

Situated approximately 30 kilometres north-east of the Melbourne CBD, Chirnside Park incorporates two discount department stores, three supermarkets, approximately 115 specialty stores and a state of the art eight-screen Reading Cinema. The centre provides an excellent convenience offer in the north-eastern region of Melbourne.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1979 / Refurbished 1999, 2002 Property Details RETAIL 36,900 sqm OFFICE 0 sqm OTHER 1,000 sqm TOTAL 37,900 sqm

Centre Details

NUMBER OF TENANCIES 115 CAR PARKING SPACES 2,045 SPECIALTY EXPIRY PROFILE 2H 2014: 20% 2015: 18% 2016: 19% BY BASE RENT RETAIL OCCUPANCY 99.9%

Current Valuation

Current Valuation
FAIR VALUE	$233.7m
CAPITALISATION RATE	6.75%
TERMINAL CAPITALISATION RATE	7.00%
DISCOUNT RATE	8.75%
VALUATION TYPE	External

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$7,514 $9,803 8.0% 16.1% $251.9m

Key Tenants

Key Tenants
Kmart Target Woolworths Reading Cinemas Coles ALDI	AREA (SQM) EXPIRY DATE
	8,250 June 2028 4,770 July 2018 4,180 September 2019 3,500 May 2016 3,290 September 2024 1,370 April 2018

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 80 40%
800
60 30%
600
40 20%
400 3% 35% Recycling
reduction reduction rate of
200 since 2005 20 since 2005 10% 31%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
15
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Note: Sustainability data as at 31 December 2013.

GWSCF PORTFOLIO

FORESTWAY SHOPPING CENTRE, NEW SOUTH WALES

Forestway Shopping Centre is a convenience based shopping centre situated in an affluent market in the suburb of Frenchs Forest, approximately 13 kilometres north of the Sydney CBD. The centre is highly productive and includes two supermarkets and a strong service offer.

Forestway Shopping Centre has been servicing the local community since 1964 and offers customers an extensive selection of stores and services. With a long standing association with the community, the centre continues to evolve to meet the needs of the area.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Neighbourhood Centre CONSTRUCTION/REFURBISHMENT Completed 1964 / Refurbished 2004

Property Details

Property Details
RETAIL	8,100 sqm
OFFICE	900 sqm
OTHER	600 sqm
TOTAL	9,600 sqm

Centre Details

NUMBER OF TENANCIES 54 CAR PARKING SPACES 437 SPECIALTY EXPIRY PROFILE 2H 2014: 5% 2015: 9% 2016: 18% BY BASE RENT RETAIL OCCUPANCY 100%

Current Valuation

Current Valuation
FAIR VALUE	$87.0m
CAPITALISATION RATE	7.50%
TERMINAL CAPITALISATION RATE	7.75%
DISCOUNT RATE	9.00%
VALUATION TYPE	Directors

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER Key Tenants	TOTAL CENTRE SPECIALTIES
	$16,854 $10,763 6.3% 15.4% $99.9m
Woolworths ALDI	AREA (SQM) EXPIRY DATE
	2,660 November 2028 1,250 March 2023

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SUSTAINABILITY
Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,500 150 50%
2,000 120 40%
1,500 90 30%
1,000 7% 60 40% 20% Recycling
rate of
reduction reduction
500 since 2005 30 since 2005 10% 24%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013.

GWSCF PORTFOLIO

HIGHPOINT SHOPPING CENTRE , VICTORIA

Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north-west of the Melbourne CBD and is one of Australia’s leading retail destinations.

The centre delivers a strong retail experience for customers and provides the western region of Melbourne with an extensive retail, entertainment and lifestyle offer.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% CO-OWNERS GPT (16.67%) Highpoint Property Group (33.33%) ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Super Regional Centre CONSTRUCTION/REFURBISHMENT Main Centre: Completed 1975 / Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990

Property Details

RETAIL 145,600 sqm OFFICE 1,900 sqm OTHER 6,400 sqm TOTAL 153,900 sqm

Centre Details

NUMBER OF TENANCIES 497 CAR PARKING SPACES 7,341 SPECIALTY EXPIRY PROFILE 2H 2014: 11% 2015: 13% 2016: 16% BY BASE RENT RETAIL OCCUPANCY 99.5%

Current Valuation

Current Valuation
FAIR VALUE¹	$922.7m
CAPITALISATION RATE	5.50%
TERMINAL CAPITALISATION RATE	5.75%
DISCOUNT RATE	8.50%
VALUATION TYPE	Directors

Sales Information²

Sales Information²
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER Key Tenants	TOTAL CENTRE SPECIALTIES
	$6,246 $9,530 14.2% 20.9% $881.5m
Myer David Jones Target Hoyts Big W Woolworths	AREA (SQM) EXPIRY DATE
	19,120 June 2021 14,000 March 2033 9,920 July 2015 9,030 April 2019 8,160 June 2025 4,240 October 2032

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,200 150 40%
1,000
30%
800 100
600 20%
30% 32% Recycling
400 reduction 50 reduction rate of
since 2005 since 2005 10% 24%
200
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Includes Homemaker City Maribyrnong. 2. Development impacted. Note: Sustainability data as at 31 December 2013.

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GWSCF PORTFOLIO
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MACARTHUR SQUARE, NEW SOUTH WALES

Macarthur Square is located in Campbelltown, 50 kilometres south-west of the Sydney CBD, in an area of strong population growth. As the only regional centre in its trade area, the centre provides customers with a unique retail, entertainment and community destination. The centre includes a department store, two discount department stores, two supermarkets, a variety of specialty stores and a cinema entertainment offer.

Macarthur Square is jointly owned with Australian Prime Property Fund Retail and managed by Lend Lease.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% CO-OWNER Australian Prime Property Fund Retail (50%) ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Major Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1972 / Refurbished 2006

Property Details

RETAIL 82,500 sqm OFFICE 2,300 sqm OTHER 9,200 sqm TOTAL 94,100 sqm

Centre Details

NUMBER OF TENANCIES 304 CAR PARKING SPACES 3,600 SPECIALTY EXPIRY PROFILE 2H 2014: 8% 2015: 21% 2016: 25% BY BASE RENT RETAIL OCCUPANCY 99.9%

Current Valuation

Current Valuation
FAIR VALUE	$406.6m
CAPITALISATION RATE	6.25%
TERMINAL CAPITALISATION RATE	6.50%
DISCOUNT RATE	8.75%
VALUATION TYPE	Directors

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,195 $9,207 11.1% 17.7% $545.8m

Key Tenants

Key Tenants
David Jones Big W Event Cinemas Target Woolworths Coles	AREA (SQM) EXPIRY DATE
	12,240 April 2017 8,790 September 2019 6,090 March 2021 4,550 April 2016 4,190 November 2015 3,760 November 2020

SUSTAINABILITY

Operational Waste (% reused/recycled)

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 120 60%
1,250 100 50%
1,000 80 40%
750 60 30%
24% 36% Recycling
500 reduction 40 reduction 20% rate of
250 since 2005 20 since 2005 10% 41%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013.

GWSCF PORTFOLIO

NORTHLAND SHOPPING CENTRE, VICTORIA

Northland Shopping Centre is located in East Preston, approximately 11 kilometres north of Melbourne’s CBD.

The centre includes a department store, two discount department stores, two supermarkets and a cinema entertainment offer. The trade area in which the centre is located is supported by strong demographic trends including average household income levels and continued infill and high density development which will drive future population growth.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% CO-OWNER CFS Retail Property Trust Group (50%) ACQUIRED (BY GWSCF) May 2014 ASSET TYPE Super Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1966 / Refurbished 2009

Property Details

RETAIL 89,700 sqm OFFICE 1,200 sqm OTHER 3,800 sqm TOTAL 94,600 sqm

Centre Details

NUMBER OF TENANCIES 320 CAR PARKING SPACES 4,690 SPECIALTY EXPIRY PROFILE 2H 2014: 22% 2015: 22% 2016: 26% BY BASE RENT RETAIL OCCUPANCY 99.7%

Current Valuation

FAIR VALUE $499.2m CAPITALISATION RATE 5.75% TERMINAL CAPITALISATION RATE 5.88% DISCOUNT RATE 8.50% VALUATION TYPE Directors

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$5,803 $8,205 14.0% 22.1% $497.8m

Key Tenants

Key Tenants
Myer Target Kmart Hoyts Coles Woolworths	AREA (SQM) EXPIRY DATE
	18,510 June 2028 6,890 November 2024 6,500 March 2024 6,180 December 2017 4,220 December 2023 4,030 July 2019

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GWSCF PORTFOLIO

NORTON PLAZA, NEW SOUTH WALES

Norton Plaza is located in Leichhardt, six kilometres west of Sydney and is a high performing neighbourhood shopping centre anchored by a full line Coles supermarket and Norton Street Grocer.

The centre is located on Norton Street and embodies the European flavour of Leichhardt and the community’s appreciation for the best in food, quality products and outstanding service.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Neighbourhood Centre CONSTRUCTION/REFURBISHMENT Completed late 1990s and 2000

Property Details

RETAIL 9,500 sqm OFFICE 800 sqm OTHER 1,500 sqm TOTAL 11,900 sqm

Centre Details

NUMBER OF TENANCIES 51 CAR PARKING SPACES 485 SPECIALTY EXPIRY PROFILE 2H 2014: 6% 2015: 33% 2016: 16% BY BASE RENT RETAIL OCCUPANCY 100%

Current Valuation

Current Valuation
FAIR VALUE	$114.0m
CAPITALISATION RATE	6.75%
TERMINAL CAPITALISATION RATE	7.00%
DISCOUNT RATE	8.75%
VALUATION TYPE	External

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER Key Tenants	TOTAL CENTRE SPECIALTIES
	$13,825 $11,224 6.2% 13.6% $118.0m
Coles	AREA (SQM) EXPIRY DATE
	3,770 November 2019

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SUSTAINABILITY
Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,000 150 40%
120
1,500 30%
90
1,000 20%
60 Recycling
rate of
500 10%
30 25%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: This asset not operational in baseline year (2005). Sustainability data as at 31 December 2013.

GWSCF PORTFOLIO

PARKMORE SHOPPING CENTRE, VICTORIA

Parkmore Shopping Centre is a regional shopping centre offering an extensive selection of stores and services in a modern and convenient environment. The centre is located approximately 35 kilometres from the Melbourne CBD, in the suburb of Keysborough and has been servicing the eastern suburbs of Melbourne since 1973.

Parkmore Shopping Centre incorporates two discount department stores and two supermarkets as well as a strong convenience and service offering, with approximately 130 stores.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GWSCF) March 2007 ASSET TYPE Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1973 / Refurbished 1995, 2007 Property Details RETAIL 36,700 sqm OFFICE 0 sqm OTHER 200 sqm TOTAL 36,800 sqm

Centre Details

NUMBER OF TENANCIES 128 CAR PARKING SPACES 2,600 SPECIALTY EXPIRY PROFILE 2H 2014: 12% 2015: 19% 2016: 26% BY BASE RENT RETAIL OCCUPANCY 99.3%

Current Valuation

Current Valuation
FAIR VALUE	$224.0m
CAPITALISATION RATE	7.00%
TERMINAL CAPITALISATION RATE	7.25%
DISCOUNT RATE	8.75%
VALUATION TYPE	External

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$7,021 $8,382 8.1% 15.5% $241.9m

Key Tenants

Key Tenants
Kmart Big W Coles Woolworths	AREA (SQM) EXPIRY DATE
	8,390 September 2017 6,670 November 2015 3,850 August 2024 3,490 July 2027

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
800 120 60%
50%
600 90
40%
400 60 30%
15% 24% Recycling
reduction reduction 20% rate of
200 since 2005 30 since 2005 10% 34%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Note: Sustainability data as at 31 December 2013.

GWSCF PORTFOLIO

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WESTFIELD WODEN, AUSTRALIAN CAPITAL TERRITORY
----- End of picture text -----

Westfield Woden is one of the largest shopping, leisure and lifestyle destinations in Canberra, and is approximately a 10 minute drive south of the CBD.

The centre includes a strong retail offer, with a department store, discount department store and two supermarkets, as well as a cinema complex and over 200 specialty retailers. Westfield Woden is owned jointly with, and managed by Westfield.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% CO-OWNERS Westfield Group (25%) Westfield Retail Trust (25%) ACQUIRED (BY GWSCF) June 2012 ASSET TYPE Major Regional Centre CONSTRUCTION/REFURBISHMENT Completed 1972 / Refurbished 2000 Property Details RETAIL 64,800 sqm OFFICE 6,600 sqm OTHER 900 sqm TOTAL 72,300 sqm

Centre Details

NUMBER OF TENANCIES 236 CAR PARKING SPACES 2,700 SPECIALTY EXPIRY PROFILE 2H 2014: 18% 2015: 20% 2016: 16% BY BASE RENT RETAIL OCCUPANCY 99.5%

Current Valuation

Current Valuation
FAIR VALUE	$313.5m
CAPITALISATION RATE	6.25%
TERMINAL CAPITALISATION RATE	6.50%
DISCOUNT RATE	8.75%
VALUATION TYPE	External

Sales Information

Sales Information
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER	TOTAL CENTRE SPECIALTIES
	$6,103 $8,639 12.0% 20.2% $367.4m

Key Tenants

Key Tenants
David Jones Big W Woolworths Hoyts Coles	AREA (SQM) EXPIRY DATE
	13,630 March 2030 8,490 August 2019 4,080 March 2019 3,780 June 2020 3,400 March 2024

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SUSTAINABILITY
Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,000 120 40%
Recycling
rate of
1,500 90 30%
28%
1,000 60 20%
31% 30%
reduction reduction
500 since 2005 30 since 2005 10%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Note: Sustainability data as at 31 December 2013.

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

GWSCF PORTFOLIO
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WOLLONGONG CENTRAL, NEW SOUTH WALES

Wollongong Central is located in the CBD of Wollongong, approximately 90 kilometres south of Sydney.

Works commenced late 2011 on the $210 million extension of Wollongong Central on the West Kiera land holding. The 18,000 sqm expansions will include approximately 75 additional specialty stores, a new Coles supermarket and fresh food precinct, a city-central food offer and food court, and 600 car spaces, that will connect directly to the existing Wollongong Central. The project will be completed in the second half of 2014.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) March 2007 ASSET TYPE City Centre CONSTRUCTION/REFURBISHMENT Completed 1975 / Refurbished 1985, 2009

Property Details¹

RETAIL 32,100 sqm OFFICE 3,100 sqm OTHER 2,600 sqm TOTAL 37,900 sqm

Centre Details

NUMBER OF TENANCIES¹ 153 CAR PARKING SPACES¹ 1,429 SPECIALTY EXPIRY PROFILE 2H 2014: 19% 2015: 35% 2016: 25% BY BASE RENT RETAIL OCCUPANCY[3] N/A

Current Valuation

Current Valuation
FAIR VALUE²	$432.4m
CAPITALISATION RATE	6.25%
TERMINAL CAPITALISATION RATE	6.50%
DISCOUNT RATE	8.50%
VALUATION TYPE	External

Sales Information[3]

Sales Information3
SALES TURNOVER PER SQUARE METRE OCCUPANCY COSTS ANNUAL CENTRE TURNOVER Key Tenants	TOTAL CENTRE SPECIALTIES
	$5,038 $8,636 14.6% 19.3% $151.5m
Myer David Jones	AREA (SQM) EXPIRY DATE
	12,150 October 2016 1,840 October 2015

SUSTAINABILITY

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 100 50%
800 80 40%
600 60 30%
400 56% 40 31% 20% Recycling
reduction rate of
reduction
since 2005
200 since 2005 20 10% 49%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Pre-development impact. 2. Includes ancillary properties 3. Development impacted. Note: Sustainability data as at 31 December 2013.

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GPT INTERIM RESULTOFFICE PORTFOLIO 2014

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AUSTRALIA SQUARE, 264 GEORGE STREET, SYDNEY

One of the most iconic prime office properties, Australia Square is situated in the core of Sydney’s CBD, spanning George Street, Bond Street, Pitt Street and Curtin Place. The complex comprises the 48 level circular tower building, the adjacent 13 level plaza building, the summit revolving restaurant, a substantial car park, and external plaza courtyard.

The Tower at Australia Square has achieved a 4.0 star NABERS Energy rating and a 3.0 star NABERS Water rating, with the Plaza achieving a 5.5 star NABERS Energy rating and a 4.0 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% GPT CO-OWNERS Dexus Property Group (50%) ACQUIRED (BY GPT) September 1981 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1967 / Refurbished 2004

Property Details

OFFICE 51,400 sqm RETAIL 1,600 sqm CAR PARKING SPACES 385 TYPICAL FLOOR PLATE 1,030 sqm

Tenant Details

NUMBER OF TENANCIES 58 (Tower) / 11 (Plaza) WALE (BY INCOME) 5.2 years

Current Valuation

FAIR VALUE $320.0m CAPITALISATION RATE 6.50% TERMINAL CAPITALISATION RATE 6.63% DISCOUNT RATE 8.50% VALUATION TYPE External INCOME (6 MONTHS) $10.0m

Office Occupancy

ACTUAL 93.6% INCLUDING SIGNED LEASES 97.7% INCLUDING HEADS OF AGREEMENT 97.7%

Key Tenants

Key Tenants
HWL Ebsworth Origin Energy	AREA (SQM) EXPIRY DATE
	7,230 December 2019 / September 2026 5,150 August 2019

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,000 110 100% Vacant 2%
2014 4%
2015 8%
800 100 80%
2016 3%
2017 11%
600 90 60%
2018 20%
2019 15%
400 27% 80 40% Recycling 2020 12%
23% rate of
reduction 2021 8%
reduction
200 since 2005 70 20% 56% 2022 2%
since 2005
2023 2%
0 60 0 2024+ 14%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013.

CITIGROUP CENTRE, 2 PARK STREET, SYDNEY

The Citigroup Centre at 2 Park Street is a landmark Premium Grade office building located on the corner of George and Park Streets, Sydney. Completed in 2000, the 47 level building has large, highly efficient floor plates and upper levels that command panoramic city and harbour views. The asset features a four level retail podium connected to Town Hall Station, offering easy access to public transport to all areas of the Sydney CBD.

Citigroup Centre has achieved a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

Current Valuation

General	Current Valuation
OWNERSHIP INTEREST 50% GPT CO-OWNERS Charter Hall Office Trust (50%) ACQUIRED (BY GPT) December 2001 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 2000 Property Details OFFICE 73,400 sqm RETAIL 500 sqm CAR PARKING SPACES 284	FAIR VALUE $399.5m CAPITALISATION RATE 6.50% TERMINAL CAPITALISATION RATE 6.50% DISCOUNT RATE 8.75% VALUATION TYPE Directors INCOME (6 MONTHS) $14.2m Office Occupancy
	ACTUAL 79.2% INCLUDING SIGNED LEASES 92.4% INCLUDING HEADS OF AGREEMENT 92.7%
OFFICE 73,400 sqm RETAIL 500 sqm CAR PARKING SPACES 284
TYPICAL FLOOR PLATE 1,770 sqm Tenant Details
NUMBER OF TENANCIES 32 WALE (BY INCOME) 6.5 years

Property Details
OFFICE	73,400 sqm
RETAIL	500 sqm
CAR PARKING SPACES	284
TYPICAL FLOOR PLATE	1,770 sqm
Tenant Details
NUMBER OF TENANCIES	32
WALE (BY INCOME)	6.5 years

Key Tenants

Key Tenants
Citigroup Gilbert + Tobin	AREA (SQM) EXPIRY DATE
	15,800 July 2024 9,280 June 2016

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
800 100 100% Vacant 7%
2014 4%
2015 25%
90 80%
700 2016 17%
2017 7%
80 60%
2018
600
2019 7%
60% 70 23% 40% Recycling 2020 8%
rate of
reduction reduction 2021 6%
500
since 2005 60 since 2005 20% 81% 2022 5%
2023 5%
400 50 0 2024+ 37%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013.

MLC CENTRE, 19 MARTIN PLACE, SYDNEY

The MLC centre dominates the Sydney skyline, and is located in the core of the Sydney CBD, bordered by Martin Place, Castlereagh and King Streets. The centre is in the heart of Sydney’s commercial, legal and financial district and comprises a 67 level tower, an extensive retail complex, expansive outdoor areas, car parking and the Theatre Royal. The retail precinct includes a dominant food court and a number of international fashion brands.

The MLC Centre has achieved a 5.0 star NABERS Energy rating and a 4.0 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% GPT CO-OWNERS QIC (50%) ACQUIRED (BY GPT) April 1987 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1978 / Refurbished late 1990s

Property Details

OFFICE 68,500 sqm RETAIL 5,200 sqm CAR PARKING SPACES 311 TYPICAL FLOOR PLATE 1,250 sqm Tenant Details NUMBER OF TENANCIES 35 WALE (BY INCOME) 6.3 years

Current Valuation

Current Valuation
FAIR VALUE		$365.0m
CAPITALISATION RATE		6.75%
TERMINAL CAPITALISATION RATE		6.88%
DISCOUNT RATE		8.50%
VALUATION TYPE		External
INCOME (6 MONTHS)		$9.5m
Office Occupancy
ACTUAL	64.0%
INCLUDING SIGNED LEASES	65.8%
INCLUDING HEADS OF AGREEMENT	68.4%

Key Tenants

Key Tenants
Government Tresscox Lawyers	AREA (SQM) EXPIRY DATE
	5,000 March 2016 4,140 August 2022

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,250 120 100% Vacant 32%
2014 5%
100 2015 1%
1000 80%
2016 8%
80 2017 6%
750 60%
2018 4%
60
500 55% 26% 40% Recyclingrate of 20192020 7%6%
40
reduction reduction 2021 10%
250 since 2005 since 2005 20% 2022 6%
20
2023 4%
2024+ 12%
0 0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
58%
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Note: Sustainability data as at 31 December 2013.

GOVERNOR PHILLIP & GOVERNOR MACQUARIE TOWERS, 1 FARRER PLACE, SYDNEY

1 Farrer Place is regarded as Sydney’s pre-eminent office building with expansive harbour views. The complex consists of 86,400 sqm of Premium Grade accommodation comprising Governor Phillip tower, a 64 level office building; Governor Macquarie Tower, a 41 level office building; Phillip Street Terraces, being five restored historic terraces; and nine levels of basement car parking for over 650 cars.

Governor Macquarie Tower and Governor Phillip Tower has achieved a 4.5 star NABERS Energy rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 25% GPT CO-OWNERS Dexus Property Group (50%) APPF Commercial (25%) ACQUIRED (BY GPT) December 2003 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 1993 / 1994

Current Valuation

Current Valuation
FAIR VALUE	$336.3m
CAPITALISATION RATE	6.00%
TERMINAL CAPITALISATION RATE	6.13%
DISCOUNT RATE	8.25%
VALUATION TYPE	External
INCOME (6 MONTHS)	$10.2m

Property Details

OFFICE 86,400 sqm RETAIL 600 sqm CAR PARKING SPACES 654 TYPICAL FLOOR PLATE GPT: 1,600 sqm GMT: 1,200 sqm

Office Occupancy

Office Occupancy
ACTUAL	83.3%
INCLUDING SIGNED LEASES	85.1%
INCLUDING HEADS OF AGREEMENT	89.5%

Tenant Details

NUMBER OF TENANCIES 31 WALE (BY INCOME) 6.8 years

Key Tenants

Key Tenants
Government King & Wood Mallesons	AREA (SQM) EXPIRY DATE
	20,500 December 2014 10,390 September 2026

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,000 140 100% Vacant 10%
Recycling 2014 16%
800 120 80% rate of 2015 8%
2016 9%
100 67% 2017 5%
600 80 60% 2018 6%
2019 1%
400 26% 60 46% 40% 2020
reduction 40 reduction 2021 2%
200 since 2005 since 2005 20% 2022 14%
20 2023 1%
0 0 0 2024+ 28%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Note: Sustainability data as at 31 December 2013. Change in recycling measure due to improved reporting by external manager.

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MELBOURNE CENTRAL TOWER, 360 ELIZABETH STREET, MELBOURNE
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Melbourne Central is a landmark office and retail property located in the Melbourne CBD. Melbourne Central Tower is a 51 level, Premium Grade office tower located adjacent to Melbourne Central’s retail component. Completed in 1991, the Tower is dominant in the Melbourne skyline with no competing buildings to the north or south and all surrounding buildings of a low-rise height. The asset is occupied by blue chip, banking and Government tenants.

The building has a 4.5 star NABERS Energy rating and a 3.0 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% GPT ACQUIRED (BY GPT) May 1999 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 1991

Property Details

Property Details
OFFICE	65,700 sqm
RETAIL	N/A
CAR PARKING SPACES	N/A
TYPICAL FLOOR PLATE	1,530 sqm

Current Valuation

Current Valuation
FAIR VALUE	$399.7m
CAPITALISATION RATE	6.75%
TERMINAL CAPITALISATION RATE	7.00%
DISCOUNT RATE	8.65%
VALUATION TYPE	Directors
INCOME (6 MONTHS)	$12.3m

Office Occupancy

Office Occupancy
ACTUAL	88.5%
INCLUDING SIGNED LEASES	88.5%
INCLUDING HEADS OF AGREEMENT	88.5%

Tenant Details

NUMBER OF TENANCIES 16 WALE (BY INCOME) 5.0 years

Key Tenants

Key Tenants
Members Equity Government	AREA (SQM) EXPIRY DATE
	12,200 January 2021 7,560 December 2017

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,000 100 100% Vacant 12%
2014 1%
800 80 80% 2015 1%
2016 12%
2017 21%
600 60 60%
2018 11%
2019 5%
400 35% 40 66% 40% Recycling 2020
rate of
reduction reduction 2021 29%
200 since 2005 20 since 2005 20% 72% 2022 28%
2023 6%
2024+ 3%
0 0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Note: Sustainability data as at 31 December 2013.

818 BOURKE STREET, MELBOURNE

818 Bourke Street is a campus-style office building on the waterfront at Docklands, Melbourne. The building consists of approximately 21,900 sqm of office space over six levels fully leased to tenants including Ericsson, Infosys and AMP, parking for 175 cars and approximately 1,400 sqm of retail space.

The building boasts an energy efficient design and through ongoing active management is a market leading office building in the Australian market. 818 Bourke Street has a 5.0 star NABERS Energy rating (with Green Power) and a 5.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

General
OWNERSHIP INTEREST	100% GPT
ACQUIRED (BY GPT)	December 2007
ASSET QUALITY	A Grade
CONSTRUCTION/REFURBISHMENT	Completed 2007

Property Details

Property Details
OFFICE	21,900 sqm
RETAIL	1,400 sqm
CAR PARKING SPACES	175
TYPICAL FLOOR PLATE	3,600 sqm

Current Valuation

Current Valuation
FAIR VALUE		$150.0m
CAPITALISATION RATE		7.00%
TERMINAL CAPITALISATION RATE		7.25%
DISCOUNT RATE		8.50%
VALUATION TYPE		External
INCOME (6 MONTHS)		$5.3m
Office Occupancy
ACTUAL	100.0%
INCLUDING SIGNED LEASES	100.0%
INCLUDING HEADS OF AGREEMENT	100.0%

Tenant Details

Key Tenants

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NUMBER OF TENANCIES 4 AREA (SQM) EXPIRY DATE
WALE (BY INCOME) 4.3 years Ericsson 10,740 December 2015 /
December 2017
Infosys 7,150 November 2020
SUSTAINABILITY LEASE EXPIRY PROFILE
Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
200 100 50% Vacant
2014
2015 16%
80 40%
150 2016 16%
2017 33%
60 30%
2018 17%
100 2019 17%
Recycling
40 20% 2020 33%
rate of
2021 1%
50
20 10% 51% 2022
2023
2024+
0 0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Tenant Details
NUMBER OF TENANCIES	4
WALE (BY INCOME)	4.3 years

SUSTAINABILITY

31 Note: Sustainability data as at 31 December 2013. This asset not operational in the baseline year (2005).

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ONE ONE ONE EAGLE STREET, BRISBANE
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One One One Eagle Street is a Premium Grade, 63,800 sqm, 54 level office tower in Brisbane’s prime commercial ‘Golden Triangle’ precinct. The recently developed tower is designed to take advantage of the outstanding location and Brisbane River views.

The building has achieved the highest rating available, a 6 star Green Star Design rating from the Green Building Council of Australia. One One One Eagle Street has also achieved a 5.5 star NABERS Energy rating and 4.5 star NABERS Water rating. Featuring the latest Tri-generation technology, the building can generate its own power, reducing peak demand on energy supply and lowering greenhouse gas emissions.

KEY METRICS AS AT 30 JUNE 2014

General

General
OWNERSHIP INTEREST	33% GPT
CO-OWNERS	GWOF (33%)
	Third Party Investor (33%)
ACQUIRED (BY GPT)	October 2008
ASSET QUALITY	Premium Grade
CONSTRUCTION/REFURBISHMENT	Completed 2012

Current Valuation

Current Valuation
FAIR VALUE	$229.7m
CAPITALISATION RATE	6.50%
TERMINAL CAPITALISATION RATE	6.50%
DISCOUNT RATE	8.50%
VALUATION TYPE	Directors
INCOME (6 MONTHS)	$6.4m

Property Details
OFFICE	63,800 sqm
RETAIL	400 sqm
CAR PARKING SPACES	115
TYPICAL FLOOR PLATE	1,450 sqm

Office Occupancy
ACTUAL	83.7%
INCLUDING SIGNED LEASES	93.6%
INCLUDING HEADS OF AGREEMENT	93.6%

Tenant Details
NUMBER OF TENANCIES	14
WALE (BY INCOME)	9.4 years

Key Tenants

Key Tenants
Arrow Energy Ernst & Young	AREA (SQM) EXPIRY DATE
	14,800 February 2021 9,000 June 2024

LEASE EXPIRY PROFILE

By Area (%) Vacant 6% 2014 2015 2016 2017 1% 2018 2019 5% 2020 2% 2021 27% 2022 5% 2023 2024+ 54%

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GWOF PORTFOLIO

LIBERTY PLACE, 161 CASTLEREAGH STREET, SYDNEY

Liberty Place is a new Premium Grade office complex in the heart of the Sydney CBD comprising ANZ Tower, Legion House, 167 Castlereagh Street, an outdoor retail plaza and a carpark. The 42 level ANZ Tower features unrivalled harbour and city views and incorporates a dual street frontage, connecting Castlereagh and Pitt Streets.

The asset has achieved a 6 star Green Star rating for Office Design and is targeting a 5.0 star NABERS Energy rating. Liberty Place has been awarded the Heritage Award at the 2013 API NSW Excellence in Property Awards.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNERS LaSalle Investment Management (25%) ISPT (25%) ACQUIRED (BY GWOF) April 2010 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 2013

Current Valuation

Current Valuation
FAIR VALUE	$452.5m
CAPITALISATION RATE TERMINAL CAPITALISATION RATE	6.00% 6.25%
DISCOUNT RATE	8.00%
VALUATION TYPE	External

Property Details

OFFICE 56,400 sqm RETAIL 2,900 sqm CAR PARKING SPACES 144 TYPICAL FLOOR PLATE 1,625 sqm

Office Occupancy

ACTUAL 100.0% INCLUDING SIGNED LEASES 100.0% INCLUDING HEADS OF AGREEMENT 100.0%

Tenant Details

NUMBER OF TENANCIES 7 WALE (BY INCOME) 10.9 years

Key Tenants

Key Tenants
ANZ Banking Group Herbert Smith Freehills	AREA (SQM) EXPIRY DATE
	28,400 June 2028 19,970 June 2023

LEASE EXPIRY PROFILE

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By Area
(%)
Vacant 16%
2014
2015 3%
2016
2017
2018
2019
2020
2021
2022
2023 45%
2024+ 51%
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GWOF PORTFOLIO

DARLING PARK 1 & 2 AND COCKLE BAY WHARF, 201 SUSSEX STREET, SYDNEY

Darling Park is a landmark commercial and retail complex located in Sydney’s popular Darling Harbour precinct. The site comprises three Premium Grade office buildings and a retail and entertainment complex, known as Cockle Bay Wharf.

The towers and Cockle Bay Wharf are connected by plazas, galleries and business lounges. Darling Park provides its tenants with a complete environment, including the crescent gardens, waterfront restaurants and cafes, and large, efficient, column-free floor plates and expansive water views.

Darling Park Tower 1 has achieved a 5.0 star NABERS Energy rating and 3.0 star NABERS Water rating, with Darling Park Tower 2 achieving a 5.5 star NABERS Energy rating and 3.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNERS AMP Capital Investors (20%) Brookfield (30%) ACQUIRED (BY GWOF) July 2006 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Tower 1: Completed 1994 Tower 2: Completed 1999

Property Details

OFFICE 101,800 sqm RETAIL 9,700 sqm CAR PARKING SPACES 691 TYPICAL FLOOR PLATE 1,900 sqm

Tenant Details

NUMBER OF TENANCIES 9 WALE (BY INCOME) 5.0 years

Current Valuation

FAIR VALUE $620.1m CAPITALISATION RATE Office: 6.38%-6.63% Retail: 6.75% TERMINAL CAPITALISATION RATE Office: 6.75% Retail: 7.00% DISCOUNT RATE Office: 8.50% Retail: 8.75% VALUATION TYPE Directors Office Occupancy ACTUAL 100.0% INCLUDING SIGNED LEASES 100.0% INCLUDING HEADS OF AGREEMENT 100.0%

Key Tenants

AREA (SQM) EXPIRY DATE Commonwealth Bank of Australia 51,220 December 2020 / December 2021 / December 2022 PricewaterhouseCoopers 38,300 December 2015

SUSTAINABILITY³

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,000 100 100% Vacant
2014
2015 88%
800 80 80%
2016 1%
2017
600 60 60%
2018
2019 9%
400 32% 40 67% 40% Recycling 2020 34% 2%
rate of
reduction reduction 2021 33%
200 since 2005 20 since 2005 20% 63% 2022 34%
2023 34%
2024+
0 0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 DP 1 DP2
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Note: Sustainability data as at 31 December 2013. This asset not operational in baseline year (2005).

GWOF PORTFOLIO

DARLING PARK 3, 201 SUSSEX STREET, SYDNEY

The Premium Grade Darling Park 3, the third and final stage of the Darling Park complex, was completed in November 2005. The 18level building was the first office tower to be rated a 5.0 star Base Building under the NABERS Energy ratings, the highest rating available at the time. Since 2011, Tower 3 has achieved and maintained a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2006 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 2005 Property Details OFFICE 29,800 sqm RETAIL 20 sqm CAR PARKING SPACES 160	Current Valuation
	FAIR VALUE $292.5m CAPITALISATION RATE 6.25% TERMINAL CAPITALISATION RATE 6.57% DISCOUNT RATE 8.25% VALUATION TYPE External Office Occupancy
	ACTUAL 100.0% INCLUDING SIGNED LEASES 100.0% INCLUDING HEADS OF AGREEMENT 100.0%

Property Details OFFICE 29,800 sqm RETAIL 20 sqm CAR PARKING SPACES 160 TYPICAL FLOOR PLATE 1,500 sqm

Tenant Details
NUMBER OF TENANCIES	3
WALE (BY INCOME)	5.4 years

Key Tenants

Key Tenants
Marsh Mercer RaboBank	AREA (SQM) EXPIRY DATE
	17,780 November 2016 9,060 In negotiations

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SUSTAINABILITY LEASE EXPIRY PROFILE
Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,000 80 100% Vacant
2014
2015
800 80%
60 2016 70%
2017
600 60%
2018
40
2019
400 40% Recycling 2020
rate of
2021
20
200 20% 66% 2022
2023
0 0 0 2024+ 30%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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35 Note: Sustainability data as at 31 December 2013. This asset not operational in baseline year (2005).

GWOF PORTFOLIO

HSBC CENTRE, 580 GEORGE STREET, SYDNEY

HSBC Centre comprises a Prime Grade office and retail asset prominently located in the midtown precinct of the Sydney CBD. The building comprises 33 office levels and a retail precinct which is linked by a pedestrian underpass to Town Hall railway station. In 2009, HSBC extended their lease of 10,700 sqm for a further ten years to December 2020.

HSBC Centre has achieved a 5.0 star NABERS Energy rating and a 3.0 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2006 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1988 / Refurbished 2002

Property Details

OFFICE 37,300 sqm RETAIL 4,200 sqm CAR PARKING SPACES 141 TYPICAL FLOOR PLATE 1,300 sqm

Current Valuation

FAIR VALUE $341.6m CAPITALISATION RATE 7.00% TERMINAL CAPITALISATION RATE 7.00% DISCOUNT RATE 8.75% VALUATION TYPE Directors Office Occupancy ACTUAL 94.5% INCLUDING SIGNED LEASES 94.5% INCLUDING HEADS OF AGREEMENT 94.5%

Tenant Details

NUMBER OF TENANCIES 22 WALE (BY INCOME) 3.5 years

Key Tenants

Key Tenants
HSBC Bank Australia Mission Australia	AREA (SQM) EXPIRY DATE
	10,700 December 2020 3,700 May 2017

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SUSTAINABILITY LEASE EXPIRY PROFILE
Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,500 150 100% Vacant 6%
2014 14%
2015 9%
1,200 120 80%
2016 15%
2017 17%
900 90 60%
2018 5%
2019 1%
600 52% 60 32% 40% Recycling 2020 29%
reduction reduction rate of 2021 4%
300 since 2005 30 since 2005 20% 57% 2022
2023
2024+
0 0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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LEASE EXPIRY PROFILE

Note: Sustainability data as at 31 December 2013.

GWOF PORTFOLIO

WORKPLACE[6] , 48 PIRRAMA ROAD, SYDNEY

workplace[6] is a waterfront Prime Grade office building achieving world leading standards in environmental design and resource efficiency. workplace[6] comprises 18,000 sqm of accommodation over six levels. The building, which was developed by GPT, was the first office development to achieve a 6 star Green Star rating for Design and also As Built in NSW. The asset features spectacular harbour views, large campus-style floor plates, two levels of basement parking with 135 car spaces and the award winning Doltone House function centre occupying the waterfront retail. workplace[6] has achieved a 5.0 star NABERS Energy rating and a 5.0 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) December 2007 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2008

Property Details

Property Details
OFFICE	16,300 sqm
RETAIL	1,900 sqm
CAR PARKING SPACES	135
TYPICAL FLOOR PLATE	3,620 sqm
Tenant Details
NUMBER OF TENANCIES	2
WALE (BY INCOME)	5.4 years

Current Valuation

Current Valuation
FAIR VALUE		$173.1m
CAPITALISATION RATE		7.00%
TERMINAL CAPITALISATION RATE		7.25%
DISCOUNT RATE		8.75%
VALUATION TYPE		Directors
Office Occupancy
ACTUAL	100.0%
INCLUDING SIGNED LEASES	100.0%
INCLUDING HEADS OF AGREEMENT	100.0%

Key Tenants

Key Tenants
Google Australia Accenture	AREA (SQM) EXPIRY DATE
	9,850 December 2018 6,460 February 2021

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SUSTAINABILITY LEASE EXPIRY PROFILE
Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,000 70 80% Vacant
2014
60 2015
800
60% 2016
50
2017
600
40 2018 60%
40% 2019
400 30 Recycling 2020
rate of
20 2021 40%
20%
200 48% 2022
10
2023
2024+
0 0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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37 Note: Sustainability data as at 31 December 2013. This asset not operational in baseline year (2005).

GWOF PORTFOLIO

THE ZENITH, 821 PACIFIC HIGHWAY, CHATSWOOD

The Zenith is the pre-eminent A Grade office complex located in the commercial heart of Chatswood CBD between the Pacific Highway and Chatswood railway station. The asset consists of two prominent office towers, connected by a multistorey glass atrium. The Zenith features large and efficient floor plates, ground floor retail space and houses the Zenith Theatre on the ground level.

The Zenith has a 5.5 star NABERS Energy rating and a 4.0 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNERS Dexus Property Group (50%) ACQUIRED (BY GWOF) January 2007 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1987 / Refurbished 2008

Current Valuation

Current Valuation
FAIR VALUE	$128.5m
CAPITALISATION RATE	8.00%
TERMINAL CAPITALISATION RATE	8.25%
DISCOUNT RATE	8.75%
VALUATION TYPE	External

Property Details

OFFICE 43,400 sqm RETAIL 900 sqm CAR PARKING SPACES 799 TYPICAL FLOOR PLATE 1,100 sqm

Office Occupancy

ACTUAL 94.5% INCLUDING SIGNED LEASES 94.5% INCLUDING HEADS OF AGREEMENT 94.5%

Tenant Details

NUMBER OF TENANCIES 35 WALE (BY INCOME) 3.7 years

Key Tenants

Key Tenants
Government - NSW State Government - Federal	AREA (SQM) EXPIRY DATE
	13,230 August 2016 / March 2018 / January 2020 4,230 May 2022

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SUSTAINABILITY
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LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,250 150 70% Vacant 6%
58% 60% 2014 5%
1,000 120 reduction 2015 7%
since 2005 50% 2016 9%
2017 24%
750 90
40% 2018 27%
2019 1%
30%
500 61% 60 Recycling 2020 11%
reduction 20% rate of 2021 2%
250 since 2005 30 2022 10%
10% 66%
2023 10%
2024+
0 0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013. 2009 reporting data unreliable for waste.

GWOF PORTFOLIO

2 SOUTHBANK BOULEVARD, MELBOURNE

2 Southbank Boulevard is located on the Southbank of the Yarra River in Melbourne. The A Grade office tower benefits from a piazza which includes a retail area incorporating a café and a supermarket. The asset comprises a 38 storey tower and 8 podium levels comprising approximately 53,500 sqm of office accommodation.

2 Southbank Boulevard has a 4.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNERS Australand (50%) ACQUIRED (BY GWOF) June 2014 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2008

Current Valuation

FAIR VALUE $198.0m CAPITALISATION RATE 6.25% TERMINAL CAPITALISATION RATE 6.50% DISCOUNT RATE 8.25% VALUATION TYPE External

Property Details

OFFICE 53,500 sqm RETAIL 1,400 sqm CAR PARKING SPACES 544 TYPICAL FLOOR PLATE 1,860 sqm

Office Occupancy

ACTUAL 100.0% INCLUDING SIGNED LEASES 100.0% INCLUDING HEADS OF AGREEMENT 100.0%

Tenant Details

NUMBER OF TENANCIES 23 WALE (BY INCOME) 3.7 years

Key Tenants

Key Tenants
PricewaterhouseCoopers SP Ausnet	AREA (SQM) EXPIRY DATE
	22,970 May 2017 8,110 In negotiations

LEASE EXPIRY PROFILE By Area (%) Vacant 16% 2014 2015 15% 2016 2% 2017 44% 2018 2% 2019 13% 2020 24% 2021 2022 37% 2023 2024+ 17%

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GWOF PORTFOLIO
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8 EXHIBITION STREET, MELBOURNE
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Located at the East or ‘Paris’ end of Melbourne’s CBD, 8 Exhibition Street is a 45,000 sqm, 35 level, Premium Grade office tower. Central to public transport and road systems, the building offers views over The Domain Parklands, Royal Botanic Gardens, Southbank and further out towards Port Phillip Bay.

Built in 2005, the asset has water and energy efficient systems in place and achieves a 4.5 star NABERS Energy rating and 3.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNERS KREIT (50%) ACQUIRED (BY GWOF) April 2013 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 2005

Current Valuation

Current Valuation
FAIR VALUE	$175.1m
CAPITALISATION RATE	6.25%
TERMINAL CAPITALISATION RATE	6.50%
DISCOUNT RATE	8.50%
VALUATION TYPE	Directors

Property Details

OFFICE 44,600 sqm RETAIL 300 sqm CAR PARKING SPACES - TYPICAL FLOOR PLATE 1,618 sqm

Office Occupancy

ACTUAL 100.0% INCLUDING SIGNED LEASES 100.0% INCLUDING HEADS OF AGREEMENT 100.0%

Tenant Details

NUMBER OF TENANCIES 14 WALE (BY INCOME) 6.4 years

Key Tenants

Key Tenants
Ernst & Young UBS	AREA (SQM) EXPIRY DATE
	19,000 November 2014 / November 2022 4,850 November 2025

LEASE EXPIRY PROFILE

By Area (%) Vacant 16% 2014 6% 2015 4% 2016 11% 2017 4% 2018 13% 2019 5% 2020 2021 4% 2022 37% 2023 2024+ 17%

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GWOF PORTFOLIO
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TWENTY8 FRESHWATER PLACE, MELBOURNE

Twenty8 Freshwater Place is a Prime Grade development located on the banks of the Yarra River in Melbourne’s Southbank. The asset sits within Melbourne’s arts and entertainment precinct between the popular Crown entertainment complex and Southgate. The building comprises 34,000 sqm of contemporary office space built to a 4.5 star NABERS standard and a 4 star Green Star rating under the Green Building Council of Australia Scheme.

Twenty8 Freshwater Place has a 5.0 star NABERS Energy rating and a 4.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNERS Australand (50%) ACQUIRED (BY GWOF) August 2007 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2008

Current Valuation

FAIR VALUE $123.5m CAPITALISATION RATE 6.75% TERMINAL CAPITALISATION RATE 6.75% DISCOUNT RATE 8.25% VALUATION TYPE External

Property Details

OFFICE 33,900 sqm RETAIL 100 sqm CAR PARKING SPACES 250 TYPICAL FLOOR PLATE Tower: 1,780 sqm Podium: 2,270 sqm

Office Occupancy

ACTUAL 100.0% INCLUDING SIGNED LEASES 100.0% INCLUDING HEADS OF AGREEMENT 100.0%

Tenant Details

NUMBER OF TENANCIES 14 WALE (BY INCOME) 4.7 years

Key Tenants

AREA (SQM) EXPIRY DATE MMG Australia 7,670 March 2019 CPA 7,120 May 2021

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
500 60 100% Vacant
2014
50 2015 3%
400 80%
2016 18%
40 2017
300 60%
2018 5%
30 2019 48%
Recycling
200 40% 2020 5%
20 rate of
2021 21%
100 20% 70% 2022
10
2023
2024+
0 0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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41 Note: Sustainability data as at 31 December 2013. This asset not operational in baseline year (2005).

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GWOF PORTFOLIO
530 COLLINS STREET, MELBOURNE
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Located in the heart of Melbourne’s corporate precinct, on the north east corner of Collins and King Streets, 530 Collins Street is a Premium Grade commercial office building which was completed in 1991.

The asset is highly sought after with large, flexible floor plates, a prime location and spectacular city views. Serviced by major public transport routes, 530 Collins Street also has four levels of basement car parking.

530 Collins Street has a 5.0 star NABERS Energy rating and a 2.0 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2006 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 1991 / Refurbished 2009

Property Details

OFFICE 65,700 sqm RETAIL 1,600 sqm CAR PARKING SPACES 324 TYPICAL FLOOR PLATE Tower: 1,300 sqm Podium: 3,500 sqm

Current Valuation

Current Valuation
FAIR VALUE	$444.2m
CAPITALISATION RATE	6.50%
TERMINAL CAPITALISATION RATE	6.75%
DISCOUNT RATE	8.50%
VALUATION TYPE	Directors

Office Occupancy

ACTUAL 96.3% INCLUDING SIGNED LEASES 96.3% INCLUDING HEADS OF AGREEMENT 97.0%

Tenant Details

NUMBER OF TENANCIES 22 WALE (BY INCOME) 6.4 years

Key Tenants

Key Tenants
Suncorp Bank of Melbourne	AREA (SQM) EXPIRY DATE
	15,450 June 2023 7,030 December 2016

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
800 100 80% Vacant 3%
34% 2014 1%
reduction 80 2015
600 since 2005 60% 2016 12%
2017 11%
60
2018 9%
400 40% 2019 1%
40 46% Recycling 2020 13%
rate of
reduction 2021 12%
200 20 since 2005 20% 58% 2022 7%
2023 28%
0 0 0 2024+ 3%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013.

GWOF PORTFOLIO

655 COLLINS STREET, MELBOURNE

655 Collins Street is an 8 level, A Grade office tower, prominently located on the corner of Collins and Spencer Streets. The asset is situated opposite the major railway and transport hub of Southern Cross Station. The asset was constructed in 2009 and comprises large campus-style floors, all with excellent natural light and strong tenant appeal.

655 Collins Street has a 4.5 star NABERS Energy rating and a 5.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) May 2014 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2009

Property Details

OFFICE 16,600 sqm RETAIL 0 sqm CAR PARKING SPACES 89 TYPICAL FLOOR PLATE 2,500 sqm

Current Valuation

Current Valuation
FAIR VALUE		$112.0m
CAPITALISATION RATE		6.25%
TERMINAL CAPITALISATION RATE		7.00%
DISCOUNT RATE		8.50%
VALUATION TYPE		External
Office Occupancy
ACTUAL	100.0%
INCLUDING SIGNED LEASES	100.0%
INCLUDING HEADS OF AGREEMENT	100.0%

Tenant Details NUMBER OF TENANCIES 1 WALE (BY INCOME) 15.4 years

Key Tenants

Key Tenants
The Age Company	AREA (SQM) EXPIRY DATE
	16,600 December 2029

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LEASE EXPIRY PROFILE
By Area
(%)
Vacant 16%
2014
2015 15%
2016
2017 44%
2018
2019 13%
2020 24%
2021
2022 37%
2023
2024+ 100%
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GWOF PORTFOLIO
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750 COLLINS STREET, MELBOURNE
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750 Collins Street is an A Grade office building completed in 2007. Situated in Melbourne’s dynamic Docklands precinct, the property occupies a 7,700 sqm site on the corner of Collins Street and Batman’s Hill Drive.

The property comprises a 10 level campus-style building with super-sized office floor plates of approximately 5,500 square metres, featuring excellent natural light to each elevation.

750 Collins Street has a 4.5 star NABERS Energy rating and a 4.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) May 2014 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2007

Property Details

OFFICE 37,300 sqm RETAIL 3,200 sqm CAR PARKING SPACES 422 TYPICAL FLOOR PLATE 5,500 sqm

Current Valuation

FAIR VALUE $263.0m CAPITALISATION RATE 7.13% TERMINAL CAPITALISATION RATE 7.50% DISCOUNT RATE 8.50% VALUATION TYPE External

Office Occupancy

ACTUAL 100.0% INCLUDING SIGNED LEASES 100.0% INCLUDING HEADS OF AGREEMENT 100.0%

Tenant Details

NUMBER OF TENANCIES 1 WALE (BY INCOME) 5.4 years

Key Tenants

AREA (SQM) EXPIRY DATE AMP 37,260 November 2019

LEASE EXPIRY PROFILE

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By Area
(%)
Vacant
2014
2015
2016
2017
2018
2019 100%
2020
2021
2022
2023
2024+
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GWOF PORTFOLIO

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800/808 BOURKE STREET, MELBOURNE
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800 and 808 Bourke Street were completed in 2004. This contemporary home to the Australian head office of the National Australia Bank (NAB) is located on a prime, north-facing waterfront site in the Docklands Precinct in Melbourne.

The asset embodies the key design elements of a modern workplace such as large open plan floors, open atria, operable windows, balconies, terraces, sunshades and extensive use of natural light.

800/808 Bourke Street has a 5.0 star NABERS Energy rating (with Green Power) and 3.0 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2006 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 2004

Property Details

OFFICE 59,600 sqm RETAIL 1,700 sqm CAR PARKING SPACES 416 TYPICAL FLOOR PLATE 3,500 sqm

Current Valuation

FAIR VALUE $402.0m CAPITALISATION RATE 6.25% TERMINAL CAPITALISATION RATE 7.00% DISCOUNT RATE 8.25% VALUATION TYPE External

Office Occupancy

ACTUAL 100.0% INCLUDING SIGNED LEASES 100.0% INCLUDING HEADS OF AGREEMENT 100.0%

Tenant Details

NUMBER OF TENANCIES 1 WALE (BY INCOME) 13.1 years

Key Tenants

AREA (SQM) EXPIRY DATE National Australia Bank 59,620 August 2027

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
700 80 50% Vacant
2014
600
60 40% Recycling 2015
500 rate of 2016
40 30% 44% 2017
400 2018
20 2019
300
30% 20% 2020
0
200 reduction 2021
since 2005 10% 2022
100 -20
2023
0 -40 0 2024+ 100%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013. NAB has procured offsets for its emissions at 800/808 Bourke Street.

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GWOF PORTFOLIO
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BRISBANE TRANSIT CENTRE, 151-171 ROMA STREET, BRISBANE

The Brisbane Transit Centre is located on Roma Street, in the “North Quarter” precinct of the Brisbane CBD. The asset comprises 32,700 sqm multi-use complex with two office towers, three levels of retail and a car park. During 2009 and 2010, a refurbishment and services upgrade enhanced the office towers to a Prime Grade rating.

Brisbane Transit Centre has a 5.0/5.0 star NABERS Energy rating and a 3.0/3.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% GWOF CO-OWNERS APPF Commercial (50%) ACQUIRED (BY GWOF) July 2006 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1988, with periodic refurbishment

Property Details

OFFICE 29,500 sqm RETAIL 3,100 sqm CAR PARKING SPACES 766 TYPICAL FLOOR PLATE East Tower: 1,030 sqm West Tower: 2,095 sqm

Current Valuation

Current Valuation
FAIR VALUE		$62.5m
CAPITALISATION RATE		9.00%
TERMINAL CAPITALISATION RATE		9.25%
DISCOUNT RATE		9.25%
VALUATION TYPE		Directors
Office Occupancy
ACTUAL	69.2%
INCLUDING SIGNED LEASES	69.2%
INCLUDING HEADS OF AGREEMENT	69.2%

Tenant Details

NUMBER OF TENANCIES 8 WALE (BY INCOME) 1.8 years

Key Tenants

Key Tenants
Australia Post Brisbane City Council	AREA (SQM) EXPIRY DATE
	4,160 August 2018 4,160 June 2015

SUSTAINABILITY

LEASE EXPIRY PROFILE

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Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,500 140 50% Vacant 31%
2014 14%
1,250 120 2015 28%
40%
2016 14%
100
1,000 2017 39%
30%
80 2018 14%
750 2019 14%
60
79% 20% Recycling 2020
500 reduction 40 rate of 2021
since 2005 10% 2022
250 35%
20
2023
2024+
0 0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: Sustainability data as at 31 December 2013. Emissions intensity increased with occupancy.

GWOF PORTFOLIO

ONE ONE ONE EAGLE STREET, BRISBANE

KEY METRICS AS AT 30 JUNE 2014

General

General
OWNERSHIP INTEREST	33% GWOF
CO-OWNERS	GPT (33%)
	Third Party Investor (33%)
ACQUIRED (BY GWOF)	October 2008
ASSET QUALITY	Premium Grade
CONSTRUCTION/REFURBISHMENT	Completed 2012

Current Valuation

Current Valuation
FAIR VALUE	$229.1m
CAPITALISATION RATE	6.50%
TERMINAL CAPITALISATION RATE	6.50%
DISCOUNT RATE	8.50%
VALUATION TYPE	Directors

Property Details OFFICE 63,800 sqm RETAIL 400 sqm CAR PARKING SPACES 115 TYPICAL FLOOR PLATE 1,450 sqm

Office Occupancy

Office Occupancy
ACTUAL	83.7%
INCLUDING SIGNED LEASES	93.6%
INCLUDING HEADS OF AGREEMENT	93.6%

Tenant Details
NUMBER OF TENANCIES	14
WALE (BY INCOME)	9.4 years

Key Tenants

Key Tenants
Arrow Energy Ernst & Young	AREA (SQM) EXPIRY DATE
	14,800 February 2021 9,000 June 2024

LEASE EXPIRY PROFILE

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By Area
(%)
Vacant 6%
2014
2015
2016
2017 1%
2018
2019 5%
2020 2%
2021 27%
2022 5%
2023
2024+ 54%
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GWOF PORTFOLIO
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RIVERSIDE CENTRE, 123 EAGLE STREET, BRISBANE

This pre-eminent landmark complex comprises a modern 41 level Premium Grade commercial building located in the heart of the ‘Golden Triangle’ in the Brisbane CBD, designed by one of Australia’s leading architects Harry Seidler. The building incorporates quality office accommodation, waterfront restaurants, a car park for over 500 cars and an open plaza surrounded by retail accommodation.

The Riverside Centre has a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) July 2006 ASSET QUALITY Premium Grade CONSTRUCTION/REFURBISHMENT Completed 1986 / Refurbished 1998

Property Details

OFFICE 51,700 sqm RETAIL 4,900 sqm CAR PARKING SPACES 507 TYPICAL FLOOR PLATE 1,500 sqm

Current Valuation

Current Valuation
FAIR VALUE		$590.0m
CAPITALISATION RATE		6.75%
TERMINAL CAPITALISATION RATE		6.75%
DISCOUNT RATE		8.25%
VALUATION TYPE		External
Office Occupancy
ACTUAL	96.4%
INCLUDING SIGNED LEASES	96.4%
INCLUDING HEADS OF AGREEMENT	96.4%

Tenant Details

NUMBER OF TENANCIES 38 WALE (BY INCOME) 4.7 years

Key Tenants

Key Tenants
PricewaterhouseCoopers Deloitte Services	AREA (SQM) EXPIRY DATE
	8,710 January 2019 5,800 October 2018

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SUSTAINABILITY LEASE EXPIRY PROFILE
Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
1,200 100 80% Vacant 4%
2014 1%
1,000 80 2015 6%
60% 2016 3%
800 2017 4%
60
2018 29%
600 40% 2019 22%
63% 40 39% Recycling 2020 19%
400 reduction reduction rate of 2021 12%
200 since 2005 20 since 2005 20% 59% 2022 1%
2023
2024+
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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LEASE EXPIRY PROFILE

Note: Sustainability data as at 31 December 2013.

GWOF PORTFOLIO

545 QUEEN STREET, BRISBANE

545 Queen Street is situated on a prominent island site located in the north eastern fringe of the financial precinct of Brisbane CBD. The site is located approximately 500 metres from Brisbane’s Central Rail Station with good exposure to the high volumes of traffic on the northern entrance of Brisbane CBD. The asset comprises 13,600 sqm of A Grade office and retail space and offers tenants excellent amenities, transportation access and river views.

545 Queen Street has a 5.0 star NABERS Energy rating.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% GWOF ACQUIRED (BY GWOF) June 2007 ASSET QUALITY A Grade CONSTRUCTION/REFURBISHMENT Completed 1991 / Re-developed 2008

Property Details

OFFICE 13,100 sqm RETAIL 500 sqm CAR PARKING SPACES 100 TYPICAL FLOOR PLATE Tower: 750 sqm Podium: 2,090 sqm

Current Valuation

Current Valuation
FAIR VALUE		$86.5m
CAPITALISATION RATE		7.75%
TERMINAL CAPITALISATION RATE		8.00%
DISCOUNT RATE		9.00%
VALUATION TYPE		Directors
Office Occupancy
ACTUAL	100.0%
INCLUDING SIGNED LEASES	100.0%
INCLUDING HEADS OF AGREEMENT	100.0%

Tenant Details

NUMBER OF TENANCIES 6 WALE (BY INCOME) 2.9 years

Key Tenants

Key Tenants
Flight Centre Calibre Global	AREA (SQM) EXPIRY DATE
	8,110 January 2017 2,770 January 2019

SUSTAINABILITY

LEASE EXPIRY PROFILE

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

Water Intensity Emissions Intensity Operational Waste By Area
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled) (%)
700 60 50% Vacant
2014
600
2015 6%
40%
500 2016 6%
40 2017 62%
400 30% 2018 6%
300 Recycling 2019 21%
20% rate of 2020
20
200 10% 51% 20212022
100
2023
2024+
0 0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

49 Note: Sustainability data as at 31 December 2013. This asset not operational in baseline year (2005).

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GPT INTERIM RESULTLOGISTICS PORTFOLIO 2014

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ROSEHILL BUSINESS PARK, CAMELLIA

Rosehill Business Park is a modern industrial asset located in the established central west industrial area of Sydney. The property features 41,900 sqm of lettable area across three buildings that were completed in separate stages. The property benefits from its close proximity to James Ruse Drive and the M4 motorway.

KEY METRICS AS AT 30 JUNE 2014

General OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) May 1998

Current Valuation

Current Valuation
FAIR VALUE	$69.0m
CAPITALISATION RATE	8.25%
TERMINAL CAPITALISATION RATE	8.25%
DISCOUNT RATE	9.50%
VALUATION TYPE	Directors
INCOME (6 MONTHS)	$2.8m

Property Details

GLA 41,900 sqm SITE AREA 79,700 sqm OCCUPANCY 100.0% WALE (BY INCOME) 4.9 years

10 INTERCHANGE DRIVE, EASTERN CREEK

10 Interchange Drive is located at the intersection of the M4 and the M7 motorways, with direct exposure to the M7 motorway. The property comprises a modern, purpose built warehouse and office facility, that is fully leased to Asics. The property features undercover parking and a showroom.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) August 2012

Property Details

Current Valuation

FAIR VALUE $28.9m CAPITALISATION RATE 7.65% TERMINAL CAPITALISATION RATE 7.90% DISCOUNT RATE 9.50% VALUATION TYPE Directors INCOME (6 MONTHS) $1.1m

GLA 15,100 sqm SITE AREA 30,200 sqm OCCUPANCY 100.0% WALE (BY INCOME) 6.0 years

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CONNECT@ERSKINE PARK, CNR LOCKWOOD & TEMPLAR ROAD, ERSKINE PARK
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Connect@Erskine Park is a 27.8 hectare site situated on the corner of Lockwood and Templar Road, Erskine Park. It is located approximately 26 kilometres west of the Parramatta CBD and 46 kilometres west of the Sydney CBD with good access to the major M4 and M7 Motorways junctions. Stage 1 is leased to Goodman Fielder on a 20 year lease. Stage 2 is leased to Target Australia on a 12 year lease.

KEY METRICS AS AT 30 JUNE 2014

General OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) May 2008

Current Valuation

Current Valuation
FAIR VALUE CAPITALISATION RATE TERMINAL CAPITALISATION RATE DISCOUNT RATE VALUATION TYPE INCOME (6 MONTHS)	Stage 1 (Goodman Fielder) Stage 2 (Target)
	$38.8m $20.0m 7.50% 7.75% 8.00% 8.25% 9.50% 9.50% Directors Directors $1.7m $0.8m

Property Details

Property Details
GLA SITE AREA OCCUPANCY WALE (BY INCOME)	Stage 1 (Goodman Fielder) Stage 2 (Target)
	15,200 sqm 12,700 sqm 39,700 sqm 22,900 sqm 100.0% 100.0% 15.0 years 7.6 years

GRANVILLE LOGISTICS CENTRE, 15 -19 BERRY STREET, GRANVILLE

Granville Logistics Centre comprises 29,600 sqm of high clearance warehouse and modern office accommodation across two separate buildings, with DA approval for an additional 9,000 sqm of improvements. Berry Street is a continuation of James Ruse Drive, a major north-south arterial road servicing Sydney’s central west. Other major road arteries in the near vicinity include Parramatta Road and the M4 Motorway.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) December 2000

Current Valuation

Current Valuation
FAIR VALUE CAPITALISATION RATE TERMINAL CAPITALISATION RATE DISCOUNT RATE VALUATION TYPE INCOME (6 MONTHS)	15 Berry Street 19 Berry Street
	$13.3m $26.7m 8.75% 8.50% 9.00% 8.75% 9.50% 9.50% Directors Directors $0.6m $1.2m

Property Details

PropertyDetails
GLA SITE AREA OCCUPANCY WALE (BY INCOME)	15 Berry Street 19 Berry Street
	10,000 sqm 19,600 sqm 20,600 sqm 30,800 sqm 100.0% 100.0% 0.8 years 3.7 years

2-4 HARVEY ROAD, KINGS PARK

2-4 Harvey Road, Kings Park comprises a modern high clearance warehouse and associated high quality office accommodation. Kings Park is located approximately 40 kilometres west of the Sydney CBD and 15 kilometres northwest of the Parramatta CBD. The area is well located to major transport routes.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) May 1999

Property Details

Current Valuation

FAIR VALUE $46.5m CAPITALISATION RATE 8.25% TERMINAL CAPITALISATION RATE 8.50% DISCOUNT RATE 9.25% VALUATION TYPE External INCOME (6 MONTHS) $2.1m

GLA 40,300 sqm SITE AREA 64,800 sqm OCCUPANCY 100.0% WALE (BY INCOME) 3.2 years

407 PEMBROKE ROAD, MINTO

The property is located within easy access to major road networks (M5 and M7 Motorways) and has the benefit of access to a railway siding from the Main Southern Railway. Current improvements comprise 15,300 sqm of modern office, warehouse and cold storage and 6.7 hectares of land remains for future development.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 50% CO-OWNER Austrak (50%) ACQUIRED (BY GPT) October 2008 Property Details GLA 15,300 sqm SITE AREA 21,100 sqm OCCUPANCY 100.0% WALE (BY INCOME) 5.4 years

Current Valuation

FAIR VALUE $23.3m CAPITALISATION RATE 8.50% TERMINAL CAPITALISATION RATE 8.50% DISCOUNT RATE 9.50% VALUATION TYPE Directors INCOME (6 MONTHS) $1.2m

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4 HOLKER STREET, NEWINGTON
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4 Holker Street, Newington comprises a modern, hi-tech data centre built in 2002. The property is well located close to major transport routes, approximately one kilometre north of the M4 Motorway, and in close proximity to Newington Shopping Centre and Sydney Olympic Park.

KEY METRICS AS AT 30 JUNE 2014

General OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) March 2006

Property Details GLA 7,400 sqm SITE AREA 6,800 sqm OCCUPANCY 100.0% WALE (BY INCOME) 3.0 years

Current Valuation

FAIR VALUE $24.0m CAPITALISATION RATE 8.75% TERMINAL CAPITALISATION RATE 9.75% DISCOUNT RATE 10.00% VALUATION TYPE External INCOME (6 MONTHS) $1.6m

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18-24 ABBOTT ROAD, SEVEN HILLS
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Abbott Road, Seven Hills provides a strategic 4 hectare land bank near the junction of the M2 and M7 Motorways. The site which is currently leased to Chassis Brakes International Castings until 2017, is suitable for a variety of future industrial development opportunities.

KEY METRICS AS AT 30 JUNE 2014

General
OWNERSHIP INTEREST	100%
ACQUIRED (BY GPT)	October 2006
Property Details
GLA	19,400 sqm
SITE AREA	40,800 sqm
OCCUPANCY	100.0%
WALE (BY INCOME)	3.4 years

Current Valuation

Current Valuation
FAIR VALUE	$14.5m
CAPITALISATION RATE	10.00%
TERMINAL CAPITALISATION RATE	10.50%
DISCOUNT RATE	10.00%
VALUATION TYPE	Directors
INCOME (6 MONTHS)	$0.8m

83 DERBY STREET, SILVERWATER

A well located property comprising a freestanding warehouse, with associated office space. The warehouse is separated into three units, however is currently being leased in one line to a single tenant. The improvements were completed between 2001 and 2003 and features 52% site coverage and 142 car spaces.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) August 2012

Property Details

Current Valuation

FAIR VALUE $25.2m CAPITALISATION RATE 8.50% TERMINAL CAPITALISATION RATE 8.75% DISCOUNT RATE 10.00% VALUATION TYPE Directors INCOME (6 MONTHS) $1.2m

GLA 17,000 sqm SITE AREA 31,900 sqm OCCUPANCY 100.0% WALE (BY INCOME) 3.4 years

3 FIGTREE DRIVE, SYDNEY OLYMPIC PARK

3 Figtree Drive comprises two levels of quality, modern office accommodation and a high clearance warehouse, good onsite access and manoeuvrability with 198 car spaces. In conjunction with neighbouring GPT assets, the property forms part of a five hectare consolidated holding.

KEY METRICS AS AT 30 JUNE 2014

General OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) April 2013

Property Details

Current Valuation

FAIR VALUE $19.5m CAPITALISATION RATE 9.25% TERMINAL CAPITALISATION RATE 9.50% DISCOUNT RATE 10.00% VALUATION TYPE Directors INCOME (6 MONTHS) $0.9m

GLA 6,800 sqm SITE AREA 12,900 sqm OCCUPANCY 100.0% WALE (BY INCOME) 2.5 years

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5 FIGTREE DRIVE, SYDNEY OLYMPIC PARK
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5 Figtree Drive comprises a two level office facility and high clearance warehouse. The property is situated on the north western side of Figtree Drive between Olympic Boulevard and Australia Avenue. The area is well serviced by an orbital road network and rail transport is available via Olympic Park Rail Station. In conjunction with neighbouring GPT assets, the property forms part of a five hectare consolidated holding.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) July 2005

Property Details

Current Valuation

FAIR VALUE $23.6m CAPITALISATION RATE 8.25% TERMINAL CAPITALISATION RATE 8.75% DISCOUNT RATE 9.00% VALUATION TYPE External INCOME (6 MONTHS) $1.0m

GLA 8,800 sqm SITE AREA 12,900 sqm OCCUPANCY 100.0% WALE (BY INCOME) 4.6 years

7 FIGTREE DRIVE, SYDNEY OLYMPIC PARK

7 Figtree Drive comprises a single level office and warehouse building located at Sydney Olympic Park. The site is currently leased to BSA Limited and occupies a prime location on the corner of Figtree Drive and Olympic Boulevard. In conjunction with neighbouring GPT assets, the property forms part of a five hectare consolidated holding.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) July 2004

Current Valuation

FAIR VALUE $13.5m CAPITALISATION RATE N/A TERMINAL CAPITALISATION RATE N/A DISCOUNT RATE N/A VALUATION TYPE Directors INCOME (6 MONTHS) $0.5m

Property Details

GLA 3,500 sqm SITE AREA 9,600 sqm OCCUPANCY 100.0% WALE (BY INCOME) 3.0 years

Note: Valued on a rate per sqm of potential GFA. Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value.

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6 HERB ELLIOTT AVENUE, SYDNEY OLYMPIC PARK
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6 Herb Elliott Avenue is well located in the Sydney Olympic Park Precinct, being opposite the Railway Station. The property comprises a high quality office and warehouse building with a good level of on-grade car parking. In conjunction with neighbouring GPT assets, the property forms part of a five hectare consolidated holding.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) June 2010 Property Details GLA 4,100 sqm SITE AREA 8,400 sqm OCCUPANCY 100.0% WALE (BY INCOME) 0.8 years

Current Valuation

FAIR VALUE $12.5m CAPITALISATION RATE N/A TERMINAL CAPITALISATION RATE N/A DISCOUNT RATE N/A VALUATION TYPE Directors INCOME (6 MONTHS) $0.4m

Note: Valued on a rate per sqm of potential GFA. Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value.

8 HERB ELLIOTT AVENUE, SYDNEY OLYMPIC PARK

8 Herb Elliott Avenue is situated opposite the Olympic Park Railway Station, between Australia Avenue and Olympic Boulevard. Current site improvements comprise 3,300 sqm of high quality office and warehouse accommodation. In conjunction with neighbouring GPT assets, the property forms part of a five hectare consolidated holding.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) August 2004

Property Details

Current Valuation

FAIR VALUE $10.3m CAPITALISATION RATE N/A TERMINAL CAPITALISATION RATE N/A DISCOUNT RATE N/A VALUATION TYPE Directors INCOME (6 MONTHS) $0.4m

GLA 3,300 sqm SITE AREA 9,100 sqm OCCUPANCY 100.0% WALE (BY INCOME) 5.6 years

Note: Valued on a rate per sqm of potential GFA. Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value.

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5 MURRAY ROSE AVENUE, SYDNEY OLYMPIC PARK
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5 Murray Rose forms part of the Sydney Olympic Park precinct and is a 12,400 sqm commercial building over 5 levels, with a 6 Green Star Rating. This is the first stage of GPT’s $200 million Murray Rose Business Park with the masterplan for the site providing a total of 42,700 sqm of campus style business and retail accommodation.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% CONSTRUCTION/REFURBISHED Completed 2012

Property Details

Current Valuation

FAIR VALUE $73.9m CAPITALISATION RATE 7.25% TERMINAL CAPITALISATION RATE 7.50% DISCOUNT RATE 9.00% VALUATION TYPE External INCOME (6 MONTHS) $2.7m

GLA 12,400 sqm SITE AREA 3,500 sqm OCCUPANCY 100.0% WALE (BY INCOME) 9.8 years

QUAD BUSINESS PARK, SYDNEY OLYMPIC PARK

Quad Business Park is a four stage integrated office development located at Sydney Olympic Park and comprises four office buildings, totalling 24,300 sqm of net lettable space. Winner of the 2009 PCA Industrial & Business Park Award, Quad 4 was the first speculative building in Sydney to be designed to Australian Best Practice environmental performance. The building was certified as a 5 star Green Star - Office Design v2 rating and has been designed to the standards of a NABERS Energy rating of 5 stars.

KEY METRICS AS AT 30 JUNE 2014

General

General
OWNERSHIP INTEREST	100%
ACQUIRED (BY GPT)	June 2001 to March 2003

Property Details	Quad 1	Quad 2	Quad 3	Quad 4
GLA	5,000 sqm	5,100 sqm	5,200 sqm	8,100 sqm
SITE AREA	9,400 sqm	7,800 sqm	6,600 sqm	8,000 sqm
OCCUPANCY	66.4%	100.0%	92.4%	100.0%
WALE (BY INCOME)	3.2 years	4.5 years	3.9 years	1.6 years
Current Valuation
FAIR VALUE	$20.8m	$24.1m	$24.8m	$31.2m
CAPITALISATION RATE	8.25%	8.25%	8.25%	8.25%
TERMINAL CAPITALISATION RATE	8.75%	8.50%	8.25%	8.75%
DISCOUNT RATE	9.50%	9.50%	9.50%	9.75%
VALUATION TYPE	External	External	External	External
INCOME (6 MONTHS)	$0.3m	$1.0m	$1.0m	$1.6m

372-374 VICTORIA STREET, WETHERILL PARK

Wetherill Park comprises a high bay warehouse and associated offices. The property is located in a traditional industrial area popular with transport, storage and distribution users. Victoria Street provides direct access to the Cumberland Highway, and proximity to the M4 and M7 Motorways.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) July 2006

Property Details

Current Valuation

FAIR VALUE $18.5m CAPITALISATION RATE 9.25% TERMINAL CAPITALISATION RATE 9.75% DISCOUNT RATE 10.50% VALUATION TYPE Directors INCOME (6 MONTHS) $0.9m

GLA 20,500 sqm SITE AREA 40,900 sqm OCCUPANCY 100.0% WALE (BY INCOME) 0.7 years

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38 PINE ROAD, YENNORA
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OWNERSHIP INTEREST 50% CO-OWNERS Austrak (50%) ACQUIRED (BY GPT) October 2003

Current Valuation

FAIR VALUE $140.7m CAPITALISATION RATE 7.75% TERMINAL CAPITALISATION RATE 8.25% DISCOUNT RATE 9.00% VALUATION TYPE External INCOME (6 MONTHS) $4.8m

Property Details

GLA 193,600 sqm SITE AREA 661,000 sqm OCCUPANCY 80.5% WALE (BY INCOME) 8.6 years

134-140 FAIRBAIRN ROAD, SUNSHINE WEST

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% CONSTRUCTION April 2014

Current Valuation

FAIR VALUE $89.5m CAPITALISATION RATE 7.13% TERMINAL CAPITALISATION RATE 7.88% DISCOUNT RATE 9.13% VALUATION TYPE External INCOME (6 MONTHS) $1.9m

Property Details

GLA 44,000 sqm SITE AREA 134,000 sqm OCCUPANCY 100.0% WALE (BY INCOME) 14.7 years

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OPTUS CENTRE, 15 GREEN SQUARE CLOSE, FORTITUDE VALLEY
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The Optus Centre is located within the ‘Urban Renewal’ fringe commercial precinct of Brisbane and benefits from being at the northern gateway of the Brisbane CBD. It is a modern 5 star Green Star building with large 1,520 square metre floor plates.

KEY METRICS AS AT 30 JUNE 2014 General OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) November 2013

Current Valuation

Current Valuation
FAIR VALUE	$110.0m
CAPITALISATION RATE	7.75%
TERMINAL CAPITALISATION RATE	8.00%
DISCOUNT RATE	9.25%
VALUATION TYPE	External
INCOME (6 MONTHS)	$4.3m

Property Details

Property Details
GLA	16,600 sqm
SITE AREA	2,500 sqm
OCCUPANCY	100.0%
WALE (BY INCOME)	8.1 years

VANTAGE, 109 BURWOOD ROAD, HAWTHORN

Vantage at Hawthorn is located at 109 Burwood Road, six kilometres east of the Melbourne CBD. The A Grade office building has circa 13,000 sqm of net lettable area across five floors of office accommodation and a car park for 455 vehicles. The property benefits from its setting on a main arterial road.

KEY METRICS AS AT 30 JUNE 2014

General

OWNERSHIP INTEREST 100% ACQUIRED (BY GPT) April 2014

Current Valuation

FAIR VALUE $63.0m CAPITALISATION RATE 8.25% TERMINAL CAPITALISATION RATE 8.50% DISCOUNT RATE 9.25% VALUATION TYPE External INCOME (6 MONTHS) $1.3m

Property Details

GLA 13,000 sqm SITE AREA 3,500 sqm OCCUPANCY 100.0% WALE (BY INCOME) 3.2 years

AI assistant

GPT GROUP — Interim / Quarterly Report 2014

65009_rns_2014-08-11_f4c9f867-1545-4fba-8748-d4ca76ca12a5.pdf

> GPT INTERIM RESULTPROPERTY COMPENDIUM 2014

CONTENTS

CASUARINA SQUARE, NORTHERN TERRITORY

KEY METRICS AS AT 30 JUNE 2014

General

Property Details

Centre Details

Current Valuation

Sales Information

Key Tenants

SUSTAINABILITY

KEY METRICS AS AT 30 JUNE 2014

General

Property Details

Centre Details

Current Valuation

Sales Information

Key Tenants

SUSTAINABILITY

DANDENONG PLAZA, VICTORIA

KEY METRICS AS AT 30 JUNE 2014

General

Property Details¹

Centre Details

Current Valuation

Sales Information²

Key Tenants

HIGHPOINT SHOPPING CENTRE , VICTORIA

KEY METRICS AS AT 30 JUNE 2014

General

Property Details

Centre Details

SUSTAINABILITY

Current Valuation

Sales Information²

Key Tenants

MELBOURNE CENTRAL, VICTORIA

KEY METRICS AS AT 30 JUNE 2014

General

Centre Details

Current Valuation

Sales Information

SUSTAINABILITY

ROUSE HILL TOWN CENTRE, NEW SOUTH WALES

KEY METRICS AS AT 30 JUNE 2014

General

Property Details

Centre Details

Current Valuation

Sales Information

Key Tenants

SUSTAINABILITY

SUNSHINE PLAZA, QUEENSLAND

KEY METRICS AS AT 30 JUNE 2014

General

Property Details

Centre Details

Current Valuation

Sales Information

Key Tenants

WESTFIELD PENRITH, NEW SOUTH WALES

KEY METRICS AS AT 30 JUNE 2014

General

Property Details

Centre Details

Current Valuation

Key Tenants

CASUARINA SQUARE, NORTHERN TERRITORY

KEY METRICS AS AT 30 JUNE 2014

General

Current Valuation

Property Details

Centre Details

Sales Information

Key Tenants

SUSTAINABILITY

GWSCF PORTFOLIO

GPT GROUP Interim / Quarterly Report 2014