GPT GROUP — Interim / Quarterly Report 2014

Aug 11, 2014

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GPT 12 August 2014 INTERIM RESULT

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2014 INTERIM RESULT HIGHLIGHTS

Delivering on strategy

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5.0%
4.5% $1.1bn
Forecast average
EPS growth [(1)] asset acquisitions
cost of debt
8.4% 18.3% 24.8%
Total Return [(2) ] growth in FUM [(3) ] gearing
16.0% 9.7% US$175m
Total Securityholder Total Return to GPT 15 year US Private
Return from FM Business [(4) ] Placement
FUNDS MANAGEMENT
DRIVEN BY TOTAL RETURN
FORTRESS BALANCE SHEET
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1. Earnings per security (continuing operations) 30 June 2014 compared to 30 June 2013.

2. Total Return is defined as the change in Net Tangible Assets (NTA) plus distributions declared over the year, divided by the NTA at the beginning of the year. Total Return is calculated on a rolling 12 month basis.

3. Defined as the assets under management for GWSCF and GWOF, growth since 1 January 2014.

4. Representing distributions and management fees received.

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OUR OUTLOOK

Targeting Total Return > 9% in 2014

• Improved GDP growth outlook and stable economic conditions

ECONOMY

• Non-mining business sectors remain steady

• Business confidence and job ads data showing signs of recovery

• Portfolio positioned for long term performance and value creation

• Continued focus on active asset management to maximise returns

• Growth opportunities from $720 million under development and expansion of earnings from Funds Management

• Maintain disciplined capital management and fortress balance sheet

GROUP

• EPS growth of at least 3%

2014

 Distribution payout ratio: 100% of AFFO TARGET  Total Return > 9%

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2014 INTERIM RESULT SUMMARY

Financial summary

Financial summary
6 months to 30 June ($m)	2014	2013	Change
Net Profit After Tax	240.6	257.0
Valuation increases	(30.8)	(20.0)
Financial instruments marked to market and FX movements	27.4	(8.3)
Distribution on exchangeable securities	(12.4)	(12.4)
Other(1)	(1.2)	7.3
Funds From Operations (FFO)	223.6	223.6
Maintenance capex and lease incentives	(40.3)	(46.1)
Adjusted Funds From Operations (AFFO)	183.3	177.5	3.3%
Weighted average securities on issue	1,687.2	1,766.4
Earnings per stapled security (cents)	13.3	12.7	4.5%
Distribution per stapled security (cents)	10.5	10.1	4.0%
Total Return (12 months to 30 June)	8.4%

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1. Other includes amortisation expense, profit/(loss) on sale and the tax impact.

2014 INTERIM RESULT HIGHLIGHTS

Increasing profitability from Development and Funds Management

6 months to 30 June ($m)	2014	2013	Change ($) 16.0  5.3  6.0  2.9  0.7 11.7  0.1  0.6  3.3  5.4  2.4  1.8  1.6  0.1 Rollout of pipeline FM fee growth Impact of 2013 asset sale MLC Centre vacancy Development completions Lower cost of debt	s
Retail NOI	123.6	139.6
Office NOI	67.8	73.1
Logistics NOI	43.1	37.1
Fund distributions	38.7	35.8
Investment management expenses	(2.3)	(3.0)
Investment Management	270.9	282.6
Asset Management	2.5	2.6
Development – Retail & Major Projects	1.8	1.2
Development – Logistics	2.0	(1.3)
Funds Management	15.5	10.1
Net interest expense & exchangeable distribution	(59.8)	(62.2)
Corporate overheads	(12.6)	(14.4)
Tax expenses	(2.2)	(0.6)
Non-core income	5.5	5.6
Funds From Operations	223.6	223.6

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CAPITAL MANAGEMENT

Fortress balance sheet

30 Jun 2014 31 Dec 2013 Change	30 Jun 2014 31 Dec 2013 Change	30 Jun 2014 31 Dec 2013 Change	30 Jun 2014 31 Dec 2013 Change
Net tangible assets per security	$3.82	$3.79	 0.8%
Total borrowings	$2,416m	$2,310m	 4.6%
Gearing (net debt to total tangible assets)	24.8%	22.3%	 250 bps
Weighted average cost of debt	4.8%	5.1%	 30 bps
Weighted average term to maturity	6.0 years	5.5 years	0.5 years
Look through gearing (net debt to total tangible assets)	27.3%	23.2%	 410 bps
Interest cover ratio	5.6 x	5.5 x	 0.1 x
Weighted average term of interest rate hedging	5.2 years	5.9 years	0.7 years

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PORTFOLIO PERFORMANCE

Solid operating fundamentals from a strong platform

• All sectors experiencing market recovery

• Stability in key portfolio metrics

Portfolio Diversity

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Logistics
15%
Retail
51%
Office
34%
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• Occupancy 95.6%

• WALE 4.9 years

• Structured reviews: 86% subject to fixed increases of 4.2%

• Comparable income growth 0.3%

• Activation of land banks delivers $330 million in logistics facilities

• Potential organic growth from $3.2 billion development pipeline

• Total Portfolio Return of 8.0% for 12 months to June 2014

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ASSET PORTFOLIO

Update on progress toward 2014 priorities

RETAIL

OFFICE

LOGISTICS

•  

• Enhance portfolio Enhance portfolio Continue to grow composition  diversification platform 

• Maintain focus on  Maintain focus on 12% growth in 1H 2014  

• dominant regionals prime assets  Reinvestment in the  development pipeline

•  Progress the $1.2 billion retail development pipeline  Repositioning of MLC Centre  Logistics fund Investing for long term opportunities

• Reposition Dandenong for sale growth  Re-leasing of short term On track for completion  Leasing of existing  WALE in 2H 2014 vacancy 44,320 sqm leases signed  Progress planning for 

• Improve retention levels town centre site at Remains steady  Completion of 150 Collins Sydney Olympic Park Street, Melbourne  Recycling of non-core

• 2H 2014 assets

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RETAIL PORTFOLIO

1H 2014 highlights – Retail conditions improving

Retail Markets

2.6%

like for like income growth

• Retail sales growth above the long term average

• Retailer business sentiment improving

• Online sales growth moderating

99.5% occupancy

Portfolio commentary

• Occupancy costs at 18% and productivity $9,613 per sqm

2.7%

specialty sales MAT growth

• Achieved 4.8%[(1)] structured rental increases on new deals

• Occupancy at 99.5% (35 vacant shops)

• Specialty sales up 3.0% over the 1H 2014

$10.2m revaluation uplift

• WACR of 5.96% reflects the high quality portfolio

Outlook

• Positive sales growth expected to continue

5.96%

• Dominant assets in strong catchments expected to outperform

weighted average cap rate

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1. GPT managed portfolio.

RETAIL DEVELOPMENT PIPELINE

Future Growth – Organically develop when the time and market conditions are right

$1.1 billion retail development pipeline to enhance existing portfolio

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Wollongong Central, NSW – completion 2H 2014

Casuarina Square, NT – completion 1H 2015

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Sunshine Plaza, QLD – master planning underway

Rouse Hill, NSW – master planning underway

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OFFICE PORTFOLIO PERFORMANCE

1H 2014 highlights – de-risking future lease expiries

Office Markets

(3.1%)

like for like income growth

• Lead indicators continue to improve

• Improved enquiry levels in Sydney and Melbourne

• Brisbane and Perth remain challenging

91.7% occupancy

Portfolio commentary

• Significant leasing activity of 105,850 sqm (including HoA)

44,320 sqm leases signed

• WALE extended to 6.3 years from 5.8 years in Dec 2013

• Comparable income growth reflects MLC Centre vacancy

• Commenced retail works at MLC Centre

$4.3m revaluation uplift

Outlook

• Reduced future lease expiry underpins solid growth

6.56%

• Expect a mild recovery in Sydney and Melbourne markets to continue

weighted average cap rate

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OFFICE

Proactively repositioning the MLC Centre

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Façade Remediation	Façade Remediation	Foodcourt and Plaza	Foodcourt and Plaza	Tower Repositioning	Tower Repositioning	Retail Redevelopment	Retail Redevelopment
Underway		Upgrade Works/EOT Facility		Underway		In	Planning
	30% of north elevation	Underway			Full refurbishment of		New King and
	now complete		Refurbished foodcourt with		levels 24-39 – three		Castlereagh Street
	Remediation standard to		basement food offering		display floors complete		luxury retail
	a very high quality		Largest End of Trip (EOT)		Lift Upgrade		Enhanced theatre
	$63 million forecast cost		facility in Sydney		commencing 2015		offering
	Additional costs		$7.5 million forecast cost		Lobby works and café		Food & beverage over
	incorporated into		Works commenced mid		Existing building		plaza
	valuation		July with completion by mid		services to a Premium		Lobby refurb. and café
	2017 completion		2015		Grade standard		DA to be lodged 2H14
					$20 million forecast cost		$75 million forecast
							cost, target development
							margin of 10%

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All capital expenditure estimates based on GPT’s 50% ownership of MLC Centre.

LOGISTICS PORTFOLIO PERFORMANCE

1H 2014 highlights – expansion of portfolio providing future growth

Industrial Markets

0.6%

like for like income growth

• Melbourne leasing market challenging

• Continued demand growth from transport and storage

• Increasing competition for on-market acquisitions

95.3% occupancy

Portfolio commentary

• Investing for future growth – restocking land bank

$300m development underway

$20.0m revaluation uplift

8.17%

weighted average cap rate

• Improving portfolio metrics – future development completions will move WALE from 5.5 years to 8 years

• Like for like income impacted by vacancy at Somerton VIC

• Reviewing non-core asset sale opportunities

Outlook

• Developments underway increasing WALE and portfolio quality

• Expect investment demand to place further upward pressure on values

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LOGISTICS DEVELOPMENT PIPELINE

$650 million development pipeline of future product

Staged development over 46% of existing land bank

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Sydney Olympic Park, NSW

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Metroplex, Wacol, QLD

Erskine Park, NSW

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FUNDS MANAGEMENT

Successful acquisitions drive 18% growth in Funds under Management

• $1.1 billion in acquisitions completed

• GWSCF acquired 50% interest in Northland Shopping Centre, Melbourne for $496 million

• GWOF acquired three office assets for $548 million

• Acquisition of Vantage in Hawthorn, VIC for $63 million for the Metropolitan Office Fund

• Commenced capital raising process for Office and Retail funds for approximately $650 million

• GWOF remains top performing core wholesale office fund[(1) ]

FUM Historical Growth 14.1% per annum growth since 2010

GPT Total Return from Funds Management for 12 months ended 30 June 2014

$8.4bn

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$7.1bn
$6.6bn
$5.6bn
$5.3bn
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Dec 2010 Dec 2011 Dec 2012 Dec 2013 Jun 2014 15 1. Based on the Mercer/IPD All Office Index.

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1.7% 9.7%
1.7%
6.4%
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Distribution Value FM Business Total Return Yield Growth contribution

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PROPERTY TO PROSPERITY

 Solid returns from working the portfolio hard

 Logistics development delivering meaningful contribution  Continuing growth in Funds Management business  Fortress balance sheet provides capacity  On track to deliver EPS growth of at least 3% for 2014

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GPT Appendices INTERIM RESULT

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17

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RETAIL

Key performance metrics have improved

 Strong specialty sales productivity  35 vacancies across the GPT and GWSCF portfolios  Critical retailer count stable  Leasing spreads of –4.6% representing $0.7m p.a. of income  Holdovers represent 120 shops, down from 3.0% at December  Retention level of 65% on 2014 expiries	6 months to 30 June	6 months to 30 June	6 months to 30 June	2014 2013	2014 2013
		Specialty M	AT sales psm(1)	$9,613	$8,984
		Specialty O	ccupancy Cost(1)	18.0%	18.2%
		Vacancies(2	)	35	43
		‘Critical’ ret	ailers(3)	39	38
		Holdovers		2.9%	2.4%
		Arrears: %	annual billings	0.5%	0.6%
		Annual cen	tre traffic growth(1)	+0.4%
	vel	opment impacted ce	ntres in each period and Northland.

1. Based on 100% interest in GPT and GWSCF assets. Excludes development impacted centres in each period and Northland.

2. Excludes development impacted centres.

3. Defined as retailers classified as Category 5 in GPT’s Critical Retailer Barometer.

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RETAIL

Specialty sales up 3.0% over the June half

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Monthly Specialty Sales Growth Moving Annual Change in Retail Sales by Category
10.6%
5.9%
5.9%
4.9%
3.7% 4.0% 4.0% 4.0%
3.3% 3.3% 3.5% 2.7% 3.1%
2.5%
2.1% 0.5% 0.9% 0.7%
1.5% 1.4%
0.6% -1.0% -0.7%
-2.5% -2.4% -2.4%
-0.2%
Specialties breakdown
-5.8%
-1.3%
Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Total Centre Dept Store DDS Supermarket Mini Majors Other Retail Total Specialties Retail Services General Retail Food Catering Leisure Food Retail Apparel Jewellery Homewares Mobile Phones
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Note: Based on 100% interest in GPT and GWSCF assets. Excludes development impacted centres and Northland. Monthly chart includes Highpoint from June 2014.

RETAIL

GPT’s regional centres are located in strong growth markets

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10 Year Trade Area Sales Growth Forecast
8%
6.6%
6%
4.8% 4.7% 4.7%
4.2% 4.0%
4% 3.5% 3.4%
2%
0%
RPI Real Growth Population Growth Total Market Growth
Forecasts based on 2014 GPT Houseviews .
Average annual growth
Rouse Hill Sunshine Highpoint Casuarina Melb. Central Charlestown W. Penrith Dandenong
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RETAIL

Development pipeline provides the opportunity to enhance returns

Property		Ownership GPT GWSCF 2014 2015 2016 2017 Beyond	Ownership GPT GWSCF 2014 2015 2016 2017 Beyond	Ownership GPT GWSCF 2014 2015 2016 2017 Beyond
		GPT
Wollongong Central			100%	$210m
Casuarina Square(1)		50%	50%	$70m
Highpoint Shopping Centre(2)		16.67%	50%	$15m
Macarthur Square			50%	$85m
Westfield Woden			50%	$100m
Chirnside Park			100%	$65m
Highpoint Shopping Centre(3)		16.67%	50%	$85m
Casuarina Square(4)		50%	50%	$270m
Parkmore Shopping Centre			100%	$125m
Rouse Hill Town Centre		100%		$250m
Sunshine Plaza(5)		50%		$170m
Development commenced Masterplanning

Development commenced Masterplanning

Note: Timing and costs are estimates only and are subject to change and at the discretion of the co-owners

1. Student accommodation and proposed leisure and entertainment precinct.

2. Proposed entertainment precinct and remixing

3. Proposed second supermarket

4. Proposed Myer redevelopment

5. Proposed David Jones development

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RETAIL Retail trade indicators improving

• Growth in share market and housing market has supported consumers ability to spend

• Retail trade growth has returned to its long term average in recent months

• In contrast, online sales growth has softened

Components of Consumer Wealth (Annual Growth – quarter on prior year quarter)

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50%
25% 16.4%
0% 10.9%
-25%
S&P/ASX200 Accumulation Index Growth
Residential Property Price Index Growth
-50%
Sep 04 Mar 05 Sep 05 Mar 06 Sep 06 Mar 07 Sep 07 Mar 08 Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14
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Online Retail Sales Growth vs Retail Trade Growth

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20% Online Sales Growth
Retail Trade Growth (Trend)
15%
10%
5%
0%
Source: NAB/Quantium, ABS Retail Trade, May 2014.
Retail Trade Growth (Trend) vs 20 year Average
12%
10%
8%
5.3%
6%
4% 5.2%
2%
0%
May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14
Jun 93 Jun 94 Jun 95 Jun 96 Jun 97 Jun 98 Jun 99 Jun 00 Jun 01 Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14
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Source: ABS 5206, June 2014; RBA, May 2014 (Q1 2014 data)

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Source: ABS Retail Trade, May 2014.

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OFFICE

Portfolio has been stabilised – positioning for strong future returns

• Portfolio has undergone significant leasing activity over past four years

• Well positioned for future performance with low expiry profile

Expiry risk has halved

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In 2011 Current
GPT had 60% of its GPT has an average of
26%
portfolio expiring 8% p.a. of its portfolio
2011-2014 expiring
between 2015-2018
Average expiry 15%
13%
11% Average expiry 8% 11%
9% 9% 8%
5%
2011 2012 2013 2014 2015 2016 2017 2018
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OFFICE

Proven active asset management approach

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Signed Leases
180,000
Heads of Agreement
160,000
36,409
140,000
12,015
120,000
100,000 13,287
80,000
61,527
135,646
60,000 123,700
93,651
40,000
20,000 44,321
-
2011 2012 2013 1H 2014
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• 460,000 sqm leased across platform since 2011

• Key assets repositioned and performing well – Eagle Street, Australia Square, Melbourne Central, 2 Park Street

• Well progressed on re-leasing of 1 Farrer Place, Sydney

• Focused on repositioning and re-leasing of MLC Centre

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One One One Eagle Street Australia Square Melbourne Central

2 Park Street, Sydney

67% leased since 2011 98% occupancy

• 68% leased since 2011

59,760 sqm leased since 2012 94% occupancy

• 68,650 sqm leased since 2011 93% occupancy

• $49 million valuation uplift since 2011

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OFFICE

Proactively managing major lease expiries

Asset	Tenant	Area (sqm)	Expiry	Progress
Major 2014 expiries
Melbourne Central CSA 5,870 May 14 Lease extension to May 2016
2 Park Street	Citi	33,500	Jun 14	Renewed and re-leased
1 Farrer Place State Govt 20,400 Dec 14 9,500 sqm leased to Minter Ellison
Major 2015 expiries
1 Farrer Place BAML 6,550 Aug 15 Renewed over 5,180 sqm
818 Bourke Street	Ericsson	3,590	Dec 15	Downsizing
Darling Park 2 PwC 39,370 Dec 15 In negotiations
Major 2016 expiries
Melbourne Central	CSA	5,870	May 16	In negotiations
1 Farrer Place	Mallesons	15,690	Sep 16	Renewed for 10,390 sqm
Darling Park 3	Rabobank	9,060	Jun 16	In negotiations
Darling Park 3	Marsh	17,780	Nov 16	In negotiations
2 Park Street	G&T	9,280	Jun 16	Vacating, in discussions withpotential tenants

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OFFICE

Leasing exposure in stronger markets of Sydney and Melbourne

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Years Supply Assessment (Short to Medium Term Market Outlook)
[Total Vacancy + Stock Under Construction / Forecast Annual Demand]
Years to bring total supply/vacancy to equilibium vacancy rate
Equilibrium Vacancy Rate
14 Projected Vacancy Rate (with no absorption) 30%
12 25%
23.2%
10 20.9% 20%
8 16.9%
14.7% 15%
6 13.7% 13.6%
4 9.7% 9.0% 9.1% 10%
7.1% 7.4%
2 4.1% 5%
3.1 5.6 7.9 9.0 10.3 12.0
0 0%
Source: DAE, BIS Shrapnel, JLL, GPT Research.
Portfolio Vacancy 2014-2016
120,000 Vacant (Expiries at 100% ownership)
Expiry
100,000
80,000
60,907
60,000
40,000
20,000 12,766 37,317 4,059
- 7,562 - - -
Years
Vacancy Rate
Melb CBD Syd CBD Adel CBD Perth CBD Bris CBD Canber ra
NLA (sqm)
Melb CBD Syd CBD Adel CBD Perth CBD Bris CBD Canberra
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Source: GPT

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OFFICE

Demand improving in Sydney and Melbourne, Brisbane and Perth remain weak

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Active Space Requirements Sublease Vacancy
90,000 July 2013 to July 2014 5% Q3 2012 to Q2 2014 (Quarterly Bars)
Bris Melb Syd
80,000
70,000 4%
60,000 Avg.
50,000 Avg. 45,607 sqm 3%
40,000 35,051 sqm
30,000 2%
20,000
10,000
1%
-
0%
Syd Melb Bris Perth
Total Net Absorption Prime Net Effective Rental Growth
20%
350,000
Syd & Melb 10%
250,000
Syd & Melb
0%
150,000
-10%
50,000
-50,000 -20% Perth & Bris
-150,000 Perth & Bris -30%
-250,000 -40%
Sqm % of Total Stock
Jul 13 Sep 13 Nov 13 Jan 14 Mar 14 May 14 Jul 14
Annual sqm.
Annual Growth
Mar 07 Sep 07 Mar 08 Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14
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Source (all charts): JLL Q2 2014, Property Daily, GPT Research

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LOGISTICS

Continued success of growth strategy

• $306m of product acquired

• $330m of activated development

Toll NQX, Karawatha Fund-through Eastern Creek, Silverwater acquisitions $54m Yatala and Yennora acquisitions

Toll NQX, Karawatha Fund-through Eastern Creek, Silverwater acquisitions $54m Yatala and Yennora acquisitions

Industrial growth strategy commenced: acquisitions, development $84m 3 Figtree Drive, SOP acquisition $19m $832m Completion of 5 Murray Rose, SOP $70m $88m Toll NQX completion $90m Wacol acquisition $36m 1H 2015 completion of current development pipeline $332m Citiport acquisition $60m Commence Erskine Park developments Dec 2011 Dec 2012 Dec 2013 Jun 2014 2015+ Activation of existing land banks $989m Reinvestment in land banks $1,172m $1,307m Plus future development pipeline of $350m $1,460m

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LOGISTICS

Ensure buying/developing right assets in the right locations

Supply Chain Costs

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60%
50.3% Logistics typically can
50% account for 80% of the
operating costs. Real
40% estate typically accounts
30% 21.8% for less than 5%
Transportation 20% Inventory and
9.5% 7.8%
costs ensuring 10% 4.3% 2.7% 2.2% 1.2% Labour driving
location 0% built form
selection critical requirements
Source: Exchange Inc.: Logistics Cost & Service Report and JLL Research
Location – Key Infrastructure Nodes Built Form Requirements
 Minimum clearance heights
 Clear span with minimal columns
 Vehicle Management
 Services
 Dock Faces
 Truck Marshalling
 Office component
 Age
 Functionality
 Automation
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LOGISTICS

Actively managing the portfolio

• Logistics requires an active approach to management as assets move through their lifecycle

• GPT’s portfolio allocated into ‘buckets’ in order to create and maximise value

Asset Lifecycle Value Assessment

• DEVELOP / ACQUIRE STRATEGIC OPPORTUNITY SELL/NON CORE

• Core Portfolio Enhance/Core+ Key Value Driver Assessment Maximise Exit Value  Market leader  Older assets  Extend WALE  Maximise exit value  Prime location  Higher & better use  Rezoning  Trade around cycles  Strategic Estates  Short WALEs  Redevelopment  Complete value Add  Development Pipeline  Poor Improvements  Enhancement to Core  Investment Template  Reposition  Trading

• 1 2 3 Meet key value Fail key value drivers drivers

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LOGISTICS

Enhancing asset values with active management

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15-19 Berry Street, Granville, NSW Redevelopment/potential rezoning

18-24 Abbott Road, Seven Hills, NSW Rezoning to bulky goods

Citiwest Industrial Estate, Altona North, VIC Upgrading prime located estate

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Sydney Olympic Park, NSW Mixed use redevelopment

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Rosehill Business Park, Camellia, NSW Potential rezoning to mixed use

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4 Holker Street, Newington, NSW Capital works programme

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LOGISTICS

Successfully delivering development product

• $272 million invested in logistics and business park developments in land and WIP

• $178 million in developments underway to deliver $332 million of completed product

• Future pipeline of $350 million

$85m $332m $350m COMPLETED UNDERWAY PLANNED

• Toll NQX Commenced Dec 2012 Completed March 2014 Revalued to 7.13% cap rate 15 year WALE

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• Erskine Park

• Sydney Olympic Park

• Somerton

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• Somerton

• Wacol

• Sydney Olympic Park

• Minto

• Granville

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LOGISTICS

Sydney market more balanced fundamentals between demand and supply

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

Container Trade vs. Industrial Supply Industrial Take-Up Activity
2500 6 800,000
700,000
2000 5 600,000
500,000
1500 400,000
4 300,000
1000 200,000
100,000
3
500 0
0 2
2010 2011 2012 2013 1H 2014
Syd Melb Bris East Sbd Container Trade
Source: GPT Research, JLL Q1 2014, Ports Australia Source: GPT Research, JLL Q2 2014
Eastern Seaboard Industrial Supply 2014 Eastern Seaboard Industrial Vacancy
1,000,000
700,000 Space Available 900,000
600,000 Space Absorbed 800,000
700,000
500,000 38% Sydney
600,000
400,000 35% 500,000
8% 400,000 Melbourne
300,000
300,000
200,000 200,000 Brisbane
62% 100,000
100,000 92% 65% 0
0
Sydney Melbourne Brisbane
sqm
Total Supply of Industrial
Accommodation pa ('000 sqm)
Total TEU movements pa (mil)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sydney Melbourne Brisbane Sydney Melbourne Brisbane Sydney Melbourne Brisbane Sydney Melbourne Brisbane Sydney Melbourne Brisbane
sqm
sqm
Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14
----- End of picture text -----

Source: GPT Research, JLL Q2 2014

Source: GPT Research, Knight Frank

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37

FUNDS MANAGEMENT

A period of significant activity

• 9.7% total return from the Funds Management business

• Capital raisings for both Funds for approximately $650 million underway

• GPT Wholesale Office Fund highlights

• Completion of $548 million of new acquisitions

• 150 Collins Street development

• GPT Wholesale Shopping Centre Fund highlights

• Completed the acquisition of a 50% share of Northland Shopping Centre for $496 million

• Wollongong Central progressing - due for completion in the second half of 2014

• Highpoint was awarded Best Retail Development and Best Retail Architecture in Australia

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DISCLAIMER

The information provided in this presentation has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188).

The information provided in this presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information described in this paper to determine whether it is appropriate for you.

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. Furthermore, while every effort is made to provide accurate and complete information, The GPT Group does not represent or warrant that the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in the information - such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this presentation.

Information is stated as at 30 June 2014 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.

FFO is reported in the Segment Note disclosures which are included in the financial report of The GPT Group for the six months ended 30 June 2014.

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

FFO is a financial measure that represents GPT’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised or capital in nature. FFO has been determined based on guidelines established by the Property Council of Australia and is intended as a measure reflecting the underlying performance of the Group.

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