GPT GROUP - Interim / Quarterly Report 2020

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10 August 2020

2020 Interim Result Presentation (with speaker notes)

GPT provides its 2020 Interim Result Presentation (with speaker notes) which is authorised for release by the GPT Group Company Secretary.

-ENDS-

For more information, please contact:

INVESTORS MEDIA Brett Ward Grant Taylor Head of Investor Relations & Corporate Communications Manager Affairs +61 437 994 451 +61 403 772 123

www.gpt.com.au

Level 51, MLC Centre, 19-29 Martin Place, Sydney NSW 2000

2020 Interim Result Market Briefing 10 August 2020

Good morning everyone and thank you for joining us for our Interim Results presentation. We live in extraordinary times and I hope that you and your families and friends are all doing OK. Given the current health priorities this is purely a webcast presentation today.

The GPT Group acknowledges the Traditional Custodians of the lands on which our business and assets operate, and recognises their ongoing connection to land, waters and community. We pay our respects to First Nations Elders past, present and emerging. Artwork created by Molly Wallace

We are hosting today’s presentation from our offices in Sydney and as such I would like to acknowledge the Gadigal People of the Eora Nation, the traditional custodians of this land, and pay respect to Elders past, present and emerging.

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Agenda
Half Year Review | Bob Johnston 4
Financial Summary & Capital Management | Anastasia Clarke 9
Office & Logistics | Matthew Faddy 13
Retail | Chris Barnett 30
Funds Management, Sustainability & Outlook | Bob Johnston 36
Interim Result 2020
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The agenda for today’s presentation is outlined on slide 3, and as usual, we will take questions at the end of the presentation.

Given the unprecedented period we have been through, I thought that it was appropriate to initially provide a recap of the first 6 months.

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Well January & February 2020
Placed GPT maintained the strong momentum from 2019+ Guidance for FFO per security (FFOps) & Distribution per security (DPS) growth of 3.5%
to manage + High quality diversified portfolio with capital allocation focused on growing our logistics
through the + portfolio and development pipeline expected to enhance returns and growthStrong capital position and liquidity to fund growth initiatives
pandemic
From March 2020
The operating environment became significantly more challenging
+ Guidance was withdrawn for FFOps and DPS growth
+ Health and safety of our people, our customers and our communities was paramount
Increased safety measures to specifically address COVID-19
+ Amended distribution policy to align with free cash flow, targeting a payout ratio of 95 to
105 per cent
+ Prudent capital management and strong liquidity position further reinforced with deferral of
development projects and non-essential capital expenditure
+ Implemented initiatives to reduce on-going operating costs
+ Engaged with industry bodies and the Government on the commercial tenancy
‘Code of Conduct’ and proactively engaged with tenants to begin negotiations
While we are dealing with the COVID-19 pandemic we are simultaneously preparing
for the recovery and focused on the future
+ Our high quality diversified portfolio, integrated management platform and optimal capital structure
positions us well for the future
+ Remain focused on growing our logistics portfolio
+ Pipeline of attractive development opportunities when market conditions improve
4 The GPT Group 2020 Interim Result | 10 August 2020
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We commenced the year with good momentum following a very pleasing 2019 in which we made progress reshaping our portfolio and positioning the business for further growth. When we commenced 2020, we expected to deliver EPS and distribution growth of 3.5%. Our balance sheet had capacity to fund growth and we had progressed development opportunities within the pipeline. We also enhanced our liquidity, issuing an attractively priced $300 million medium term note in February.

In March, the landscape changed rapidly as the world and Australia responded to the COVID-19 pandemic. Physical distancing and mobility restrictions were implemented by government, and people were asked to stay at home unless they needed to travel for specific essential services. The economic impact has been significant and GPT responded swiftly to these changes.

The Health and Safety of our people, our customers and the community has been our first priority and we immediately implemented COVID-19 specific measures across all our assets and workplaces.

We also implemented measures to reduce our operating costs and deferred all non-essential capital expenditure. Planned development projects that had not commenced were also suspended. Unfortunately, this meant that we had to rationalise part of our workforce.

Furthermore, given the uncertainty we withdrew guidance.

We engaged extensively with industry and government when the commercial tenancies Code of Conduct was first introduced. As most of you would know, the Code is unprecedented and was subsequently legislated in each of the states and territories. Essentially the Code requires landlords to provide SME tenants, that are eligible for the government’s JobKeeper program, with rent relief proportionate to the reduction in their revenue for a period of up to six months. This rent relief is to be provided through both waivers and deferrals, and I will provide more detail on this in a few moments. While all our assets remained open during the period, mobility restrictions and health concerns meant that sales and foot traffic dropped dramatically in April and May. In our office buildings physical occupancy fell to less than 10%.

With the lifting of restrictions in June, most stores in our shopping centres re-opened with visitations and sales returning to near pre-pandemic levels, which was very encouraging. Physical occupancy in our office assets also began to increase.

Unfortunately, Stage 4 restrictions in Melbourne are a real setback for Victorian and Australia. Most retailers have been forced to close their stores under these new restrictions and we have approximately 45% of our retail portfolio located in metropolitan Melbourne. We are hopeful that the strict measures being put in place allows us to reopen again in September with the confidence that the worst is behind us. It will be a challenging period for retailers and the broader community.

Despite the near term challenges, we are continuing to progress opportunities to grow our logistics portfolio but, as you would expect, we are being disciplined in our approach. Across each of our sectors we want to be well positioned for the recovery and emerge from the pandemic with strength and momentum.

Turning now to our interim results.

2020 Interim Result

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Financial Summary
$
12.55CPS 9.30CPS 5.52 (0.1)%
FFO DISTRIBUTION NTA TOTAL
PER SECURITY PER SECURITY PER SECURITY RETURN [1]
Investment Portfolio
Portfolio Assets Under $
occupancy 98.1% Management 24.5B
Weighted Average Weighted Average
Lease Expiry 4.9 YRS Capitalisation Rate 5.00%
1. Total Return is defined as the change in Net Tangible Assets (NTA) per security plus distributions per
security declared over the year, divided by the NTA per security at the beginning of the year. 50 Old Wallgrove Road, Eastern Creek
5 The GPT Group 2020 Interim Result | 10 August 2020 5
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FFO per security was down 23.3% to 12.55 cents per security. FFO was impacted by COVID-19, including provisions we have made, as well as the dilution from the additional securities post the capital raising in June 2019. Direct pandemic related impacts in terms of rent waivers and provisions represents 4.5 cents per security.

We have declared a distribution of 9.3 cents per security and this represents approximately 100% of free cashflow.

NTA for the Group declined 4.8% to $5.52, as a result of a $711 million reduction in our property asset valuations. The revaluations impacted the 12 month Total Return for the Group and resulted in a Statutory loss of $519 million.

Anastasia will provide more detail on the financial results in her update shortly.

Reviewing the Half Year

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Office Logistics Retail
1 January + Positive fundamentals with low vacancy + Occupancy at 98.6% and 38,500sqm of + Positive retail sales momentum with Total
rates and manageable supply outlook leasing completed Centre sales growth of 3.0% and
to + Occupancy at 97.5% and 27,600sqm of + Growing through acquisitions and Combined Specialty sales growth of 3.9%
mid-March leasing completed development, completing 3 new facilities in the first two months of 2020
+ Slowing in market rental growth rates and acquiring 2 new assets + Specialty sales of $11,489psqm as at
anticipated + Low market vacancy rates and strong February 2020
+ Good progress on 32 Smith Street demand from occupiers and investors + Centre foot traffic in-line with prior year in
January and February
Mid-March + Attendance rates declined significantly as + Occupancy increased to 99.8% at 30 June + Measures to contain the spread of COVID-
tenants implemented + Progressing development pipeline with 2 19 resulted in lower levels of foot traffic and
to
work-from-home arrangements projects underway a reduced number of stores trading
30 June + Increase in sub-lease space and tenant + Early re-zoning of Kemps Creek precinct + Developments at Rouse Hill and Melbourne
leasing decisions being delayed + Investment demand remains competitive Central deferred
+ 32 Smith Street remains on-track + Significant reduction in cashflow while
+ Deferred 300 Lonsdale Street development negotiations underway
+ 91% of stores open in June
6 The GPT Group 2020 Interim Result | 10 August 2020
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The COVID impact has played out quite differently across each sector during the six months as outlined here.

The major office markets entered the COVID period in good shape with vacancy at all-time lows, and while demand had softened, there was still solid enquiry.

We anticipated vacancy would rise in both Sydney and Melbourne as developments completed and that effective rent growth would moderate.

This dynamic changed in the second quarter with many tenants putting leasing decisions on hold as work from home arrangements were implemented. Physical occupancy declined to around 10%.

When restrictions eased in June, occupancy improved in Sydney and Brisbane but clearly remains low in Melbourne.

Within the Office portfolio, rent collection remained strong through the period.

In the Logistics sector the pandemic impacts have been minimal. Our portfolio occupancy remains high along with rent collection rates. Demand from occupiers remains positive and investment demand continues to support valuations.

In Retail, government restrictions on mobility and physical distancing meant that customer visitations declined in Q2 and many retailers temporarily closed their stores. We helped those that were able to continue to trade to put in place COVID-safe plans and we prepared our shopping centres to be able to ramp up operations safely when restrictions eased. It was clearly important to provide customers and retailers with the confidence that our shopping centres were safe, and appropriate measures were in place to manage physical distancing requirements. The re-opening of most stores in June saw a strong rebound in customer traffic and sales.

Rent collection was clearly impacted through Q2 given the trading conditions and the impending negotiations in relation to the Code of Conduct.

I would now like to provide an update on our tenant negotiations and rent collection.

COVID-19 Tenant Negotiations

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+ Commercial tenancies Code of Conduct was legislated in each state and territory requiring landlords to provide rent relief
to qualifying tenants impacted by COVID-19 for a period of up to six months
+ Relief has also been provided to certain tenants not eligible for assistance under the Code of Conduct materially impacted
by COVID-19
+ Rent collection rates for Q2 averaged 67% with retail the most impacted with collections of 36%
- July collection rate of 81%
+ Tenant negotiations advanced – all deals are bespoke and on a case-by-case basis
+ Prudent approach taken on assumptions for rent waivers and provisioning for completed deals and deals yet to be finalised
Rent
Collection Office Logistics Retail Total
$539m
Quarter 1 99% 100% 90% 95%
Quarter 2 94% 98% 36% 67%
1H 2020 97% 99% 63% 81%
Provisions for
Deals Tenant rent Total
Sector agreed [1] waivers ($M) [2] receivables ($M)
($M) [3]
Office 50% $8.0 $1.6 $9.6 $101m ($52m)
($438m) ($35m)
Logistics 77% $0.8 $0.7 $1.5 $13m
Retail 26% $42.8 $32.7 $75.5 2 3
Total 32% $51.6 $35.0 $86.6
1. As at 3 August for the managed portfolio
7 2.3. Total rent waivers include agreed deals and estimates for deals yet to be completed for the 6 months to 30 JuneProvisions relate to uncollected rent not waived for the 6 months to 30 June The GPT Group 2020 Interim Result | 10 August 2020
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As previously mentioned, the Code of Conduct is primarily designed to provide assistance to SMEs whose businesses have been significantly impacted by the pandemic and it requires landlords to proportionally share this burden. We have also engaged with tenants who do not strictly qualify under the Code but whose business has also been materially impacted. This has primarily been for retail tenants. There is an enormous amount of work involved as each tenant is being dealt with on a case by case basis and accordingly each deal is bespoke.

As you might expect rent collection was strong in Q1 across each of the sectors. Retail was a little lower than historical levels as some tenants were starting to feel the pandemic effects in early March.

In Q2, Office and Logistics rent collection was again strong at 94% and 98% respectively. Most arrears in the office portfolio related to retail tenants, which account for about 4% of office income.

Retail rent collection in Q2 fell to 36%. For context, during April we had less than 40% of stores trading. This improved in May and again in June.

Pleasingly, rent collection for July has averaged 81% across the portfolio.

Deal progress varies by sector and we have taken a prudent approach to revenue and FFO recognition for the period. We have included in our results $51.6m for tenant rent waivers reflecting deals done to date, and allowances consistent with the Code of Conduct for deals expected to be completed. We have also made a provision of $35 million for uncollected rent that has not been waived. To be clear, the allowances we have made for waivers and provisions only relate to billings for the period to June 30. We believe that these allowances are both prudent and appropriate given the current uncertainty.

Turning now to valuations.

Valuations & COVID-19 Impact

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Office Logistics Retail
Valuation -1.7% [1] +2.3% -10.5% [1]
change
Cap rates + Unchanged at 4.85% + Firmed by 11 basis points to 5.29% + Softened by 15 basis points to 5.04%
Discount rates + Firmed by 9 basis points to 6.32% + Firmed by 22 basis points to 6.39% + Firmed by 27 basis points to 6.35%
Market rents & + Market rents unchanged + Market rents unchanged + Market rents lowered by 130 basis points
+ 10-year average market rent growth reduced 40 + 10-year average market rent growth remains largely + 10-year average market rent growth reduced 58
growth rates basis points to 3.3% unchanged at 3.0% basis points to 2.74%
+ Average incentive on current vacancy increased by
Leasing + 400 basis pointsAverage downtime on current vacancy increased by + Allowances have been increased to account for short term leasing risk ++ Equivalent incentive increased by 600 basis pointsEquivalent downtime increased by 2.2 months
3.4 months
COVID-19
allowance + 0.2% of portfolio value + 0.1% of portfolio value + 1.7% of portfolio value
1. Reflects change in value of directly owned assets plus the change in equity value of the Group’s investment in the relevant wholesale fund.
8 The GPT Group 2020 Interim Result | 10 August 2020
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The effects of COVID-19 have also been felt on asset valuations, with independent valuers making allowances for both the near term impacts of the restrictions and the longer term impact on the broader economy.

Independent valuations were undertaken for 99% of our property portfolio as at June 30. I note that our retail assets were all independently valued in May and again in June.

For our office assets, valuers factored in rental voids specific to COVID-19 that represented 0.2% of asset values. While market face rents remain unchanged, average incentives increased 400 bps, downtime has been increased and average market rent growth has been lowered 40 bps over the forward 10 year period. This has resulted in a decline of 1.7% in the value of the office portfolio.

For Logistics, both cap rates and discount rates have firmed reflecting strong investment appetite for the sector. Market rents and rental growth were largely unchanged. This has resulted in a 2.3% increase in the fair value for our Logistics portfolio.

For retail, as you would expect the independent valuers have made significant allowances for rental voids during COVID-19 and they have also increased incentives by 600 bps and downtime by more than 2 months. Market rents and forecast rent growth have also been lowered. There has been a greater emphasis on the DCF approach to valuations along with a softening of cap rates by 15 bps. In combination, these changes have resulted in a 10.5% reduction in the fair value of our retail portfolio.

There is clearly much discussion as to where valuations head from here and this is hard to predict given the uncertainty. What we do know is that:

Firstly, there is still investment capital looking to be deployed but waiting for some level of price discovery post the pandemic;
Second, the spread between discount rates and 10 year bonds is currently about 100 bps above the longterm average; and
Finally, interest rates will remain low for an extended period which will provide support to asset valuations.

I expect there will also be a flight to quality, leading to a widening of the spread in yields between prime and secondary assets. As you know we have a high quality portfolio and we expect that our assets will prove resilient through the cycle, despite some near term volatility.

I will now hand over to Anastasia to take you through the Financial results.

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Finance &
Treasury
Interim Result 2020
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Thank you Bob. Good morning.

Today I am presenting the financial results for the Group for the 6 months to 30 June 2020.

Financial Summary

6 Months to 30 June ($ million)	2020	2019	Change
Funds From Operations (FFO) Valuation (decreases)/increases	244.5 (711.3)	295.9 130.8	(17.4%)
Treasury instruments marked to market	(51.5)	(82.3)
Other items Net (Loss) / Profit After Tax	(0.8) (519.1)	8.2 352.6
Funds From Operations (cents per security)	12.55	16.36	(23.3%)

Operating Cash Flow	204.1	272.0	(25.0%)

Free Cash Flow	182.0	205.9	(11.6%)
`
Distribution (cents per security)	9.30	13.11	(29.1%)

$ 519.1M STATUTORY NET LOSS AFTER TAX

9.3 CENTS

DISTRIBUTION PER SECURITY

99.6%

OF FREE CASH FLOW

The GPT Group 2020 Interim Result | 10 August 2020

Funds From Operations is $244.5 million, a decrease of 17.4% on the prior comparable period.

This was predominantly driven by the impacts of COVID-19, particularly in Retail, however pleasingly this was partially offset by the growth achieved in Logistics.

Our statutory loss of $519.1 million for the 6 months was driven by devaluations of $711.3 million. Once again, these were most significant in our Retail portfolio.

Mark to market losses were $51.5 million and are in line with market interest rates reducing by approximately 75 bps over the period.

Operating cash flow was down 25% to $204.1 million.

We have revised our distribution policy to be based on free cash flow. In addition, we have shifted the timing of the declaration of the distribution to our results announcement date. There has been no change in the timing of the distribution payment date. Free cash flow was $182 million, and like AFFO, deducts maintenance and leasing capex.

The revised distribution policy is a permanent change and cash collected in the 6 months to 30 June underpins the distribution payment due at the end of August.

The distribution declared today is 9.3 cents per security, representing a payout ratio of 99.6%. This is a reduction on the prior period of 29.1 and is within our payout policy range of 95-105% of free cash flow.

Turning to the segment result.

Segment Result & Free Cash Flow

6 Months to 30 June ($ million) 2020 2019	Change Comments
Retail 79.2 157.3	(49.7%) Income & fees reduced 37%; property cost savings 13%; COVID rent impact of $75.5m
Office 139.9 138.7	0.9% Contribution from acquisition of Darling Park; offset by dilution in GPT’s co- ownership stake in GWOF; COVID rent impact of $9.6m
Logistics 64.4 57.1	12.8% Contribution from acquisitions and developments fully leased on completion
Funds Management 24.2 22.7	6.6% Growth from GWOF acquisitions and developments partially offset by devaluations in GWSCF
Finance Costs (49.1) (59.5)	(17.5%) Cost of debt 3.1%, saving 70bps on comparable 1H19
Corporate (14.1) (20.4)	(30.9%) Bonus schemes cancelled, discretionary cost savings and JobKeeper received
Funds From Operations 244.5 295.9	(17.4%)
Maintenance capex (18.5) (30.8)	(39.9%) Reduction and deferral of discretionary capex
Lease incentives (28.9) (23.0)	25.7% Increase due to successful leasing in Office and Logistics portfolio
Adjusted Funds From Operations 197.1 242.1	(18.6%)

The GPT Group 2020 Interim Result | 10 August 2020

Our earnings result was significantly impacted by COVID-19 allowances for estimated rental waivers and debtor provisions.

In Retail, revenue was down 37% due to $75.5 million of COVID-19 allowances included within the result. The result was also impacted by lower income from carparks, turnover rent and property management fees, although was partially offset by property cost savings of 13%.

COVID-19 has also affected the Office portfolio, with $9.6 million of allowances included within the result. These were more than offset by growth in the portfolio with contribution from the acquisition of Darling Park.

Increased investment in Logistics drove 12.8% income growth due to acquisitions in Sydney and Melbourne and development completions, which are all fully leased.

Funds Management income grew 6.6%, driven by acquisitions and developments in the Office Fund, partially offset by devaluations in the Shopping Centre Fund.

The result is supported by a reduction in interest rates resulting in a lower cost of debt of 3.1, being 70bps lower than the prior comparable period.

Corporate costs have been reduced substantially, with the cancellation of 2020 bonus schemes, deferment of recruitment, a decrease in discretionary spending and support from JobKeeper.

Likewise, maintenance capex has been trimmed through delay and reduction in non-essential capex, other than safety projects that remain a priority.

Turning to capital management.

Capital Management

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12
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Domestic
CPI bank
+ Modest gearing of 25.1% Sources of Bonds2% debt2% Foreign bank debt
+ Liquidity in excess of $1.2 billion which fully funds all current commitments until 2023 Drawn 17% Secured
+ In February, issued $300 million 12-year debt in the Debt USPP41% Bank Debt bank debt2%
domestic MTN market at margin of 160 basis points As at 30 June 2020 21% Commercial
+ Prior to COVID-19, extended $1.2 billion of bank Debt Capital Paper
facilities by an average of 1.5 years Markets 4%
+ Hedging at 86% over the next 12 months 79%
+ S&P A (stable) and Moody’s A2 (stable) credit ratings Domestic
MTNs
Foreign MTNs 25%
7%
Key Statistics Jun 2020 Dec 2019 Debt 600 $1.2b
Net tangible assets per security $5.52 $5.80 Maturity 500 liquidity
Net gearing 25.1% 22.1% Profile 400
As at 30 June 2020
Weighted average cost of debt 3.1% 3.6% 300
Weighted average term to maturity 7.8 years 7.7 years 200
Interest cover ratio 6.0x 6.7x 100
Credit ratings (S&P / Moody’s) A / A2 A / A2 0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
CPI Bonds US Private Placements Medium Term Notes Drawn Bank Facilities Undrawn Bank Facilities
The GPT Group 2020 Interim Result | 10 August 2020
$ millions
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Gearing has increased to a modest level of 25.1% largely due to devaluations.

We are well placed with $1.2 billion of available liquidity to fund the Group through to 2023, based on our commitments to developments, capex and borrowings due for refinancing in 2022.

In February we issued a $300 million medium term note in the domestic debt capital markets for a term of 12 years at a low margin of 160 basis points. This lengthened our average debt duration and was most cost effective given margins have since increased due to higher uncertainty brought about by COVID-19.

Our focus has been, and will continue to be, on maintaining heightened liquidity during these times as evidenced by the Group extending $1.2 billion of bank loans in the first half.

We have been focused on lowering interest costs, locking in the base rate at around 14bps over the short term given this is well below the RBA target rate of 25bps. This has resulted in our hedge level being elevated at 95% and will average 86% over the next twelve months.

The balance sheet remains strong and resilient, reflected in our credit ratings of A (stable) with S&P and A2 (stable) with Moody’s.

Matthew Faddy will now provide an update on the Office and Logistics results.

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Office &
Logistics
Interim Result 2020
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Thank you, Anastasia.

The GPT Office & Logistics team have positioned both portfolios well to respond to the pandemic impacts and the evolving needs of our customers.

Firstly, looking at the GPT Office portfolio.

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Office Highlights
Portfolio Size &
1.2% 97% 5.2years Geographic Exposure
OPERATIONS RENT COLLECTED OFFICE WALE
NET INCOME 1H 2020 (BY INCOME)
GROWTH
Office Retail
$6.1bn $5.7bn
Key Highlights Sydney 59%
Melbourne 32%
Brisbane 9%
+ Operations Net Income of $139.4 million, with fixed rent increases and portfolio
composition changes partially offset by lower occupancy and COVID-19 rental assistance
and provisions
+ Office occupancy of 94.4%¹ and Office WALE of 5.2 years¹
+ Collection rates remain high, reflecting diversity and quality of customer base Logistics
+ Office valuations moderated by 1.7%, WACR of 4.85% $2.6bn
+ High quality, modern portfolio of new or recently refurbished assets, well placed to
respond to evolving trends
1. Excludes Queen & Collins (undergoing redevelopment), 32 Flinders Street (currently configured as a carpark) and
87-91 George Street (held for development) Melbourne Central Tower
14 The GPT Group 2020 Interim Result | 10 August 2020
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Our portfolio is constituted of high quality, modern assets located in Australia’s deepest markets. During the period, we have been focused on four key areas:

the safety, health and wellbeing of our occupants;
collection of rent;
completing leasing transactions; and
progressing our development projects.

Operations net income of $139.4 million has been delivered, up 1.2% on the comparable period. Fixed rental increases, and the acquisition of Darling Park, have more than offset the COVID-19 related relief.

At 30 June, portfolio occupancy was 94.4%, with a WALE of 5.2 years.

The portfolio is valued at $6.1 billion with Assets Under Management totalling $13.1 billion.

Office Return to Workplace

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+ Office assets remained open throughout the period,
with some shared facilities within our assets closed in
accordance with government directives
+ A range of measures have been employed across the COMMON AREA CLEANING LIFT MONITORING & MANAGEMENT MANAGEMENT ENTRY/EXIT HAND SANITISER STATIONS
business and asset operations to support our tenants in
returning to the office, including:
- Increased cleaning frequency
- Air-conditioning systems maximising fresh air
volumes
TENANCY CONCIERGE SOCIALLY END OF TRIP
- Monitoring and management of lift capacities CLEANING SUPPORT & DISTANCED HYGIENE
ASSISTANCE SEATING & MANAGEMENT
- Wayfinding and introduction of social distancing
signage
+ Working with customers to conclude temporary rental
relief arrangements related to COVID-19
LOBBY & VISITOR PARKING COVID-19 SUPPORTING
MANAGEMENT AVAILABILITY CASE SIGNAGE
MANAGEMENT & MATERIALS
15 The GPT Group 2020 Interim Result | 10 August 2020
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Above all else, the safety of the people entering our spaces is paramount. To ensure that our office buildings have remained open, we have implemented a range of measures to support our tenants in returning to the office.

From the introduction of physical distancing signage and increased cleaning across the portfolio, to management of common areas and lifts, we are focused on providing COVID safe spaces for our tenants to return, as government restrictions ease.

Across all markets, we have been working with tenants who have experienced financial difficulty due to the pandemic, particularly with retailers at the base of our buildings, who provide food and services to our office occupiers.

Office Leasing & Market Update

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Office Leasing Market Update
1H 2020 Leasing: + Increased vacancy with softer demand and new supply
+ Signed leases totalling 37,800sqm concluded with an additional 19,600sqm of resulted in back-fill vacancy and increased levels of sublease
Heads of Agreement (HoA) space
+ Renewals concluded with McMillan Shakespeare, ShineWing and Salesforce Prime Vacancy 2Q 2020 10 year Average
Sydney CBD 7.0% 8.1%
2H 2020 Leasing:
+ Conversion of 1H 2020 heads of agreement to signed leases of 15,600sqm Melbourne CBD 7.5% 6.2%
+ Heads of agreement of 27,100sqm in July 2020 Source: JLL Research Brisbane CBD 11.0% 9.3%
Vacancy by Area As at June 2020 Including July 2020 HoA¹ + Recovery in job ads a forward indicator of demand
Uncommitted Vacancy² 5.6% 4.2% Daily SEEK Job Ads - Australia
Lease Expiry by Income As at June 2020 Including July 2020 HoA¹
2020 2% 1%
2021² 10% 8%
Leasing Strategy:
+ Virtual marketing to showcase space without the need for physical inspection,
including virtual reality
+ Increased engagement with customers across the portfolio
+ Occupant user surveys to understand return to the office plans
+ Proactively focused on securing renewals, minimising downtime
1. Includes heads of agreement post balance date
2. Excludes expected development completions of 32 Smith Street, Parramatta and Queen & Collins, Melbourne
The GPT Group 2020 Interim Result | 10 August 2020 16
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In the period to 30 June, 38,000sqm of leases were signed, with a further 20,000sqm at terms agreed.

Since 1 July, 16,000sqm of agreements from the first half have now been converted to signed leases, and we have a further 27,000sqm of terms agreed.

As a result of this activity in July, portfolio occupancy including heads of agreement increases to 95.6% and 2020/2021 expiry has reduced to 9%.

Leasing activity in the third quarter is significantly up on volumes completed between April and June. This positive momentum has been bolstered by our increased virtual marketing capabilities, showcasing available space without the need for physical inspections.

Market conditions have shifted over the past six months, with increased rates of vacancy across eastern seaboard markets.

This increase is due to softening levels of demand, together with delivery of new supply, resulting in back-fill vacancy. We have also seen increased levels of sublease vacancy as some tenants look to reduce space. As a result of the changing market conditions we are seeing incentives increase, however face rents are being maintained.

We are responding by continuing to closely engage with customers across the portfolio, with a focus on securing renewals to minimise downtime and maintain high portfolio occupancy. For vacancy, we are focused on securing incoming customers, capitalising on asset upgrades completed, proactive management strategies and the attractiveness of prime assets over secondary grade stock.

Pleasingly, new job adverts, as shown on the bottom right, are starting to increase. At the end of July, SEEK job ad volumes were sitting at 69% of pre-COVID levels across Australia, with Victoria moderating to 50%, while New South Wales and Queensland are at 66% and 83% respectively.

Office Customer Update

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+ Diverse and high quality tenant base proving resilient, with strong rent collection rate of 97% for 1H 2020
+ Well managed, prime grade assets are best placed to support the safety, health and wellbeing of occupants with adaptable technology, building
management and monitoring capabilities and experienced on-site teams
Office Income by Industry¹ Lift Movements²
(5 February 2020 = 100)
Banking, 20% Information and
Communications Technology,
14% Index Sydney CBD (5 assets)
100 Melbourne CBD (4 assets)
90 Brisbane CBD (1 asset)
Co-working/Serviced Insurance, 14% 80
offices, 3% 70
Mining & Energy, 3% 60
50
Other, 7%
40
30
Legal, 12%
Government, 7% 20
10
Other Business Services, 9% Accounting & Finance, 10% 0
1. Reflective of office tenants, including signed leases commencing after the balance date
2. Lift calls each Wednesday during period across 10 assets. Reduced lift car capacities implemented in mid-June
17 The GPT Group 2020 Interim Result | 10 August 2020 17
5 Feb 19 Feb 4 Mar 18 Mar 1 Apr 15 Apr 29 Apr 13 May 27 May 10 Jun 24 Jun 8 Jul 22 Jul
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Our income is derived from a diverse range of industries and the quality of our customer base is demonstrated through high levels of rent collection in the half, with 97% of rent collected.

We expect that well managed, high quality assets will best support customers post COVID-19, and we expect to see a heightened focus on safety, health and wellbeing.

Over the past six years we have invested in smart technology and building upgrades that provide a point of difference for customers. This includes investments in building services, such as destination controlled lifts and customer amenities with lobby upgrades and end of trip facilities.

The chart on the bottom right shows lift movements across a number of our assets across the different markets. Attendance rates in Brisbane are rising most strongly from lows in April. Sydney attendance was increasing in line with Brisbane, however has reduced over the past few weeks. In Melbourne, we are seeing continued low rates of attendance. With Stage 4 restrictions now in place we do not expect to see any improvement for at least 6 weeks.

Evolution of Office

- High quality, adaptive workplaces will remain a relevant and important part of high performing businesses
Culture and collaboration are best fostered face-to-face in communal spaces
- Office space design and agile working practices are likely to evolve with the need for physical distancing

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Corporate Culture 89% believe office will remain a necessity for Workspace Configuration
Fostered & enhanced corporate organisations Potential for space & usage changes
together in shared spaces – Savills Office FiT Survey with need for physical distancing
3:1 people in favour of the office for personal growth Business Building & Innovation 84% miss the social connection and face-to-
18-24 year olds are likely to Creative & collaborative activities face interaction they get from
prefer working in the office to help to learn, be seen, most effective & productive in face- their colleagues in the office
– Savills Office FiT Surveynetwork and collaborate to-face in groups – Bates Smart, Remote Working Survey
Education & Learning “Even with a highly distributed workforce, we’ll need a place to come together.” Flexibility & Hub/Spoke
“Now we can design this space especially for these Increased work from home, use of on-
Opportunities to gain knowledge, new ways of working.” demand space & potential for
working with & near colleagues - Scott Farquhar, Atlassian, in relation to new Sydney headquarters (AFR 25 June 2020) “distributed workforce”
18 The GPT Group 2020 Interim Result | 10 August 2020 18
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Through our discussions with customers we are gaining a better understanding of how they are thinking about their future work space requirements. Customer feedback has supported our view that the physical office is a hub for collaboration and fostering workplace culture.

The benefits of a physical presence cannot be fully replicated in a remote environment.

Trends towards densification are also being wound-back, as physical distancing requires more space per person than most modern fit-outs provide for. With ratios of square metres per person reducing from 1:17 in 2012 to as tight as 1:8 over the past few years, we expect to see higher ratios becoming the new normal.

The pandemic has also accelerated tenants’ desire for flexibility. Whilst some employees will choose to spend part of their week working from home into the future, they will still expect to have a place in the physical office.

Sydney Metropolitan Office Update

- Greater Western Sydney has the third largest economy in Australia and is forecast to grow to 3 million people by 2036[1]
- Sydney Metropolitan Office markets are expected to benefit from occupiers considering hub/spoke model post COVID-19 + Office portfolio is ~10%[2] weighted to Sydney Metropolitan markets, to be increased through development pipeline

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19
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87-91 GEORGE STREET 4 MURRAY ROSE AVENUE
Development site acquired, funded through GWOF SYDNEY CBD Occupancy of 97.1%
Potential for 30,000 – 75% occupied by NSW
75,000sqm tower Government entities
60 STATION STREET
Acquired in 2018
Blue chip occupiers
32 SMITH STREET including Deloitte & NSW
Government
26,400sqm tower due for PARRAMATTA
completion in January CBD Occupancy of 100%
2021
64% leased including
terms agreed
1. Western Sydney University (https://www.westernsydney.edu.au/rcegws/rcegws/About/about_greater_western_sydney)
2. Inclusive of 32 Smith Street underway
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The GPT Group 2020 Interim Result | 10 August 2020 19
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Greater Western Sydney is the third largest economy in Australia, and we continue to grow our presence in Parramatta. We remain attracted to the population growth, infrastructure investment and growing critical mass of the business district.

During the period, a development site was acquired at George Street through GWOF in the Parramatta CBD. The planning process is underway, with an architectural design competition due to commence later this year. With the potential for an office tower of up to 75,000sqm, this opportunity complements the Group’s underway development at 32 Smith Street.

Office Development Pipeline

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+ 32 Smith Street is progressing well and is due for completion in January Artists impression
2021
+ Pipeline of development opportunities within the existing portfolio,
progressing planning and approval processes
+ Expected end value of pipeline projects in excess of $3.5 billion¹
Ownership Status Comment²
32 Smith StreetParramatta, NSW 100% GPT Underway 64% leased including terms agreed, QBE anchoring with 51% of tower
Queen & CollinsMelbourne, VIC 100% GWOF Underway Refurbishment including restoration of heritage aspects and creation of a distinctive ground floor plane
Cockle Bay Park, Sydney 32 Smith Street, Parramatta
87-91 George Street Parramatta, NSW 100% GWOF Pipeline Site acquired in 1H 2020, with potential for ~30,000 –~75,000sqm tower
Cockle Bay ParkSydney, NSW 50% GWOF25% GPT / Pipeline Office comprising ~63,000sqm plus ~10,000sqm retail/entertainment precinct
Cnr of George & Bathurst 100% GWOF Pipeline Adjacent to 580 George Street, potential for ~6,500sqm
Sydney, NSW office extension above existing retail
300 Lonsdale Street Melbourne, VIC 100% GPT Pipeline Above Melbourne Central, potential for ~20,000sqm of office space
51 Flinders Lane Melbourne, VIC 100% GWOF Pipeline Adjacent to 8 Exhibition Street, potential for ~29,000sqm tower
SkygardenBrisbane, QLD 100% GWOF Pipeline Adjacent to Riverside Centre, potential for ~25,000sqm tower Artists impressionQueen & Collins, Melbourne Artists impression87-91 George Street, Parramatta Artists impression 300 Lonsdale Street, Melbourne
1. Includes both GPT direct and Fund opportunities
20 2. NLAs are subject to authority approvals. The GPT Group 2020 Interim Result | 10 August 2020 20
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Due for completion in January 2021, 32 Smith Street is 64% committed including terms agreed, with QBE anchoring the project. We are engaging with a number of potential tenants for the remaining space. As you can see in the image on the far right, the building tops out next month and already presents as the highest quality office asset in the Parramatta CBD.

Our development pipeline provides future growth opportunity of over 220,000sqm and an expected end value exceeding $3.5 billion. We are continuing to progress planning and approval processes for the pipeline, and we are positioning ourselves to execute on these opportunities when market conditions improve.

Office Portfolio Resilience

5.2years 100% OFFICE WALE PRIME ASSETS¹ (BY INCOME) + GPT’s portfolio is made up of prime assets attractive to high-quality customers
- Prime grade assets have benefited from lower vacancy and higher rates of net absorption over the long term
- Office WALE >5 years, with a diverse customer base including Government, major Banks and Insurance companies, and global business such as Amazon
- New and recently upgraded assets with modern technology, airconditioning and lifting capacity well placed to respond to evolving customer requirements
- The benefits of a dynamic office environment cannot be fully replicated in a work from home setting
- Skilled workforce attracted to companies with collaborative, vibrant and engaging environments to facilitate growth, mentoring and creativity
- Continuing to progress activities to unlock development pipeline Melbourne Central Tower, Melbourne
21 1. Prime includes Premium and A Grade assets. Excludes 32 Flinders Street (configured as a carpark) and 87-91 George Street (development site) The GPT Group 2020 Interim Result | 10 August 2020 21

The GPT Office portfolio is well located, constituted of prime assets in Australia’s deepest office markets.

Over the past 20 years, prime assets have had lower vacancy and higher net absorption than secondary assets.

Our portfolio has a diverse customer base and a WALE of over 5 years.

We have invested in asset upgrades and smart technology and are well positioned to remain attractive to occupiers seeking quality environments.

Over the remainder of the year, the GPT office team will continue to focus on the short term imperatives of safety, rent collection and leasing, combined with positioning our development pipeline for success.

Turning now to Logistics.

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Logistics Highlights
Portfolio Size &
Geographic Exposure
99.8% $55.7m 39,800sqm
PORTFOLIO OCCUPANCY VALUATION UPLIFT DEVELOPMENT COMPLETIONS Office Retail
$6.1bn $5.7bn
Sydney 64%
Key Highlights Melbourne 25%
Brisbane 11%
+ Operations Net Income of $64.7 million, up 13.7% on comparable period
+ High rent collection rate of 99% for 1H 2020
+ Continued portfolio growth with three developments completed and two assets acquired
growing portfolio to 1,083,100sqm Logistics
+ WALE of 6.9 years and lease expiry to December 2021 of 5.6% $2.6bn
+ Logistics valuations uplift of 2.3% with WACR firming to 5.29%
+ Development land at Mamre Road, Kemps Creek achieved re-zoning
+ Pipeline of development projects with an expected end value of ~$1billion¹
1. Inclusive of projects underway 2 Ironbark Close, Berrinba
22 The GPT Group 2020 Interim Result | 10 August 2020
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The GPT Logistics team have had a successful first half, with the portfolio growing to $2.6 billion, representing 18% of the Group investment holdings.

Our focus has been on:

Safety;
Customer engagement & leasing; and
Growing the portfolio through acquisitions and developments.

Portfolio occupancy is high, increasing to 99.8%.

Operations net income is up 13.7% as a result of positive leasing outcomes and portfolio growth, with 99% of rent collected.

Three developments were completed and two assets acquired, further expanding the portfolio and logistics customer base.

The portfolio has a WALE of 6.9 years, and minimal expiry through to December 2021 of 6%.

Investor demand for the Logistics sector remains strong from both domestic and international markets. This has contributed to the valuation uplift of $56 million.

We continue to successfully unlock our development pipeline, with our Kemps Creek site achieving rezoning in the half, and a pipeline of developments underway and planned of approximately $1 billion.

Logistics Customer & Leasing

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+ Occupancy increased Transport, Postal & Trade (Retail &
with let up of vacancies Warehousing Wholesale)
99.8% together with addition of
PORTFOLIO fully let development completions and Toll Coles
OCCUPANCY acquisitions Rand Transport Australian
+ Completed 118,300sqm TNT 30% 35% Pharmaceutical Industries
of signed leases with an DHL
additional 8,700sqm at Linfox Portfolio Unilever
>70% + terms agreedIntroduction of new Schenker Income Super Retail GroupWoolworths
ASX LISTED / tenants into the portfolio by Industry Wesfarmers
GLOBAL ENTITIES including DHL & JB Hi-Fi JB Hi-Fi
12%
Other Manufacturing
23%
6.9years Vodafone Hutchison IVE Group
WALE (BY INCOME) QBE Pact Group
Computershare Goodman Fielder
Infrabuild
23 The GPT Group 2020 Interim Result | 10 August 2020
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Portfolio occupancy has increased to 99.8% with 118,000sqm of leases signed during the period, with a further 9,000sqm at terms agreed.

During the half, we have introduced a number of new customers to the Logistics portfolio, including DHL who now operate out of GPT facilities in Victoria and Queensland. We have also expanded our existing retail relationship with JB Hi-Fi, who have taken space in our newly completed facility in Brisbane.

Over 70% of our customers are ASX listed or global entities, demonstrating both the quality of our portfolio and the strength of our management team in partnering with our growing customer base. With 35% of customers engaged in retail and wholesale trade, and a further 30% from the transport, postal and warehousing sector, the portfolio is well placed to benefit from emerging trends.

We have agreed a handful of temporary relief arrangements with customers impacted by COVID-19. However, demonstrating the strength of our logistics portfolio, we have collected 99% of rent for the half.

Evolution of Logistics

Acceleration in e-commerce and parcel delivery volumes, with potential for increased inventory to be held locally to provide resilience + Pipeline of infrastructure projects and government stimulus expected to drive economic recovery post COVID-19
Lower population growth in the near term, however growth expected over longer term with Australia expected to remain a destination of choice

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e-commerce Australia Post reported parcel Last Mile
Acceleration in e-commerce deliveries in April averaging almost
Consumer desire for speed
penetration with evolving consumer 2 million parcels and convenience
behaviour per day, up by 90% compared to last year [1]
Online accounts for US research estimates that an incremental US$1bn
~10.7% of total retail trade Infrastructure Investment growth in e-commerce sales requires an additional
in Australia, growing ~23.1% Governments focused on shovel ready ~115,000sqm
compared to 12 months prior projects that create jobs and drive of distribution space to support this growth
investment
NAB Online Retail Sales Index, June 2020 Forrester Research, CBRE Research, 2018
In June 2020 the Federal Government committed
Supply Chain Scrutiny $1.5 billion to immediately commence “Just in Time” to “Just in Case”
Scrutiny beyond Tier 1 suppliers to work on priority infrastructure projects; with joint assessment teams working on Potential for increased inventory to
assess/manage exposure to risk accelerating projects worth more than provide resilience
$72 billion in public and private investment [2]
1. Australia Post (https://newsroom.auspost.com.au/article/expanding-operations-and-casual-hires-to-manage-parcel-demand)
24 2. Speech to CEDA by the Hon Scott Morrison, sourced from SBS (https://www.sbs.com.au/news/scott-morrison-announces-additional-1-5-billion-towards- The GPT Group 2020 Interim Result | 10 August 2020 24
shovel-ready-projects)
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COVID-19 has accelerated a number of the trends impacting Logistics, with e-commerce growing strongly over the half to now account for approximately 11% of total retail trade.

Consumer demand for fast and convenient access to products is driving many occupiers to strategically assess and invest in their supply chain.

Investment in infrastructure is increasing, with governments keen to stimulate economies, focusing on “shovel ready” projects that create jobs, drive investment and cut red tape.

COVID-19 has also shown the downside of just-in-time fulfilment, with unprecedented global demand for some products, at the same time as freight capacity being impacted. This may result in some groups holding more inventory locally, to provide resilience with the current uncertainty.

Logistics Portfolio Growth

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$42.2M
$ PURCHASE PRICE
2.6B 8.4%
PORTFOLIO VALUE 1H 2020 PORTFOLIO GROWTH 23,800sqm
GLA
+ Acquired two facilities totalling $75 million and completed three 9.9years
developments totalling $89 million WALE BY INCOME
+ Valuation uplift of 2.3% with WACR firming by 11 basis points to 5.29% 4.8%
+ Strong investor demand for prime logistics facilities, with volume transacted 1 Botero Place, Truganina INITIAL YIELD
in Q2 2020 being the second strongest on record¹
National NSW VIC QLD $32.4M
PURCHASE PRICE
Number of assets 40 26 9 5
Investment Portfolio [²] $2.4b $1.5b $0.6b $0.3b 7,200 GLA sqm
WACR 5.29% 5.17% 5.46% 5.52% 5.5years
WALE BY INCOME
Portfolio Occupancy 99.8% 100.0% 99.3% 100.0%
4.9%
WALE by Income 6.9 years 7.5 years 5.1 years 7.6 years 21-23 Wirraway Drive, Port Melbourne INITIAL YIELD
1. Cushman & Wakefield, Marketbeat Q2 2020
2. Inclusive of assets held for sale of $103.0m; exclusive of land and assets under development of $196.3m
The GPT Group 2020 Interim Result | 10 August 2020 25
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1. Cushman & Wakefield, Marketbeat Q2 2020
2. Inclusive of assets held for sale of $103.0m; exclusive of land and assets under development of $196.3m
25
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The portfolio now totals $2.6 billion, growing by 8% from December 2019.

Two facilities have been acquired in Melbourne for a total of $75 million, with Botero Place in Truganina occupied by DHL, and Wirraway Drive in Port Melbourne occupied by Computershare.

These acquisitions complement our portfolio, with long leases and are in locations targeted in our growth strategy.

We continue to see strong investor demand for prime facilities, with valuation uplift of 2.3% and the weighted average capitalisation rate for the portfolio firming by 11 bps to 5.29%.

Logistics Development Completions

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39,800sqm $89.1m
1H 2020 COMPLETIONS (GLA) 1H 2020 COMPLETIONS - VALUE
2 Ironbark Close, Berrinba, QLD 30 Ironbark Close, Berrinba, QLD 38A Pine Road, Yennora, NSW
$48.5m 5.25% $27.6m 5.63% $13.0m 5.00%
FAIR VALUE (30 JUNE 2020) CAP RATE (30 JUNE 2020) FAIR VALUE (30 JUNE 2020) CAP RATE (30 JUNE 2020) FAIR VALUE (30 JUNE 2020) CAP RATE (30 JUNE 2020)
20,600sqm 6.1% 14,400sqm 6.5% 4,800sqm 5.8%
GLA YIELD ON COST GLA YIELD ON COST GLA YIELD ON COST
9.7 WALE BY INCOME years DHL (pre-lease) TENANT 5.0 WALE BY INCOME years JB Hi-Fi & Windoware TENANT 4.7 WALE BY INCOME years Westcon (pre-lease) TENANT
26 The GPT Group 2020 Interim Result | 10 August 2020 26
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Three developments have been completed in the period, totalling 40,000sqm with a combined value of $89 million.

At Berrinba in Brisbane, two facilities have been delivered, one pre-committed to DHL on a 10 year term, and the adjacent speculative facility leased to JB Hi-Fi and Windoware.

At Yennora in Sydney, a 5,000sqm facility has been delivered, activating surplus land. This facility was preleased to Westcon Group for a 5 year term.

These projects have delivered an average yield on cost of 6.2% and a development margin of 13%.

Logistics Developments Underway

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27
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$85m
67,200sqm FORECAST END VALUE
UNDERWAY PROJECTS - GLA 50,100sqm
GLA
2H 2020
FORECAST COMPLETION
$129m 128 Andrews Road, Penrith, NSW
UNDERWAY PROJECTS – EXPECTED
END VALUE ON COMPLETION
Artists impression
$44m
FORECAST END VALUE
+ Two projects underway in Western Sydney
+ Penrith is due for completion in 2H 2020 and is 17,100sqm
pre-leased for a 10 year term GLA
+ Glendenning is being developed on a
speculative basis, with positive leasing enquiry 1H 2021
and limited competing stock FORECAST COMPLETION
42 Cox Place, Glendenning, NSW
The GPT Group 2020 Interim Result | 10 August 2020 27
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In Western Sydney, we have two projects underway with an expected end value of $129 million.

At Penrith, a 50,000sqm development is due for completion in the second half and is leased to O I Glass for a 10 year term.

A speculative development is also underway at Glendenning. This project is due for completion in early 2021, and we are seeing a good level of leasing enquiry for the 17,000sqm facility.

Logistics Development Pipeline | Kemps Creek Update

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+ The Mamre Road precinct achieved rezoning in June 2020
33.4ha ~$445m - Designated a warehousing industrial hub providing ~17,000 new jobs in Western Sydney
SITE AREA EXPECTED END VALUE ON COMPLETION - The precinct is located within the Western Sydney Employment Area and
includes site of a potential Western Sydney freight intermodal terminal
+ GPT’s 33.4ha site was acquired in 2019 on delayed settlement terms
- Land settling October 2020 - April 2021
- Expected to support approximately 160,000sqm of prime logistics space
when complete, subject to authority approvals
- Flexible configuration options with warehouses of ~19,000sqm to
~47,000sqm expected to be constructed
~10km Close proximity to <5km Adjacent to established
to future Western M4 & M7 to proposed industrial precinct of
Sydney Airport interchange intermodal Erskine Park
28 The GPT Group 2020 Interim Result | 10 August 2020 28
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Our Sydney land bank at Mamre Road in Kemps Creek also achieved an important milestone, with the land rezoned in June 2020.

The precinct is located in close proximity to the M4 & M7 interchange, the future Western Sydney Airport and the proposed Western Sydney freight intermodal facility.

Located adjacent to the well establish industrial precinct of Erskine Park, the project will be attractive to a broad range of logistics occupiers.

Our 33 hectare land holding is settling over the next 12 months, having been secured in late 2019. Subject to planning, it is expected to support approximately 160,000sqm across multiple facilities.

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Logistics Development Pipeline
~$1.0b >500,000sqm
PIPELINE EXPECTED END VALUE¹ PIPELINE CAPACITY¹
Estimated Estimated Estimated
State Comment
Area GLA¹ End Value Delivery
Wembley Business Park, Berrinba QLD 38,200sqm $75m 2021-2022 Stage 1 & 2 delivered in 1H 2020 with 2 stages remaining
Gateway Logistics Hub, Truganina VIC 115,400sqm $169m 2021-2023 First facility delivered in 2H 2019 with 5 stages remaining
Boundary Road, Truganina VIC 128,200sqm $205m 2023+ To be delivered in multiple stages following buildout of Gateway Logistics Hub
Mamre Road, Kemps Creek NSW ~160,000sqm $445m 2022+ Located in close proximity to the future Western Sydney Airport
1. Expected end value on completion. Net of stages already delivered and inclusive of projects underway at Penrith and Glendenning (expected end value of $129 million and expected GLA of 67,200sqm). GLA subject to authority approvals.
29 The GPT Group 2020 Interim Result | 10 August 2020 29
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Our development pipeline, inclusive of projects underway, has an expected end value on completion of $1 billion. This is spread across the eastern seaboard in key growth corridors.

With the first stages of Wembley Business Park and Gateway Logistics Hub already delivered, we look forward to delivering the remaining stages of these projects. At Boundary Road, we plan to commence build-out of this land, following the delivery of the majority of the Gateway Logistics Hub. And finally, at Kemps Creek, we plan to deliver this project in phases from 2022.

The GPT Logistics team have grown an enviable logistics portfolio of modern assets, with a diverse, high quality tenant base and long WALE. This will continue to be enhanced as we deliver the development pipeline.

To conclude, the Office & Logistics portfolios have continued to deliver through a period of unprecedented global events, and our teams are focused on supporting our customers as they return to more normalised operations.

I will now hand over to Chris Barnett to present the retail results.

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Retail
Interim Result 2020
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Thank you, Matt and good morning, everyone, I will now take you through the results for the Retail portfolio.

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Retail Highlights
Portfolio Size &
Geographic Exposure
$
98% 91% 9,910
PORTFOLIO STORES OPEN SPECIALTY SALES
OCCUPANCY AT 30 JUNE PRODUCTIVITY PER SQUARE Office
METRE $6.1bn Retail
$5.7bn
Key Overview NSW 40%
VIC 45%
QLD 10%
+ Retail Segment FFO contribution of $79.2 million for 6 months to June 2020 NT 4%
impacted by:
+ Lower property income due to rental assistance and provisions offset by
savings in property expenses
+ Reduction in fees from property income and deferment of development
Logistics
projects
$2.6bn
+ Valuation decline of 10.5% for 6 months to June 2020, and a WACR of 5.04%
Melbourne Central, Melbourne
31 The GPT Group 2020 Interim Result | 10 August 2020 31
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It has certainly been a challenging period for our retailers, our management teams and no doubt our customers, as we have all had to navigate through these difficult circumstances. Our primary focus over this period has been creating the safest possible environments for customers who visit our centres and our retailers who continue to trade.

Our portfolio remains well leased with an occupancy of 98%, and despite the reduction in retail sales since midMarch, the sales productivity of our portfolio remains at just under $10,000 per square metre.

In terms of our financial results, these have been impacted by the measures put in place by the government including the Code of Conduct. The reduction in net income is primarily due to our revenue at a property level being down 37% allowing for rental assistance and provisions as we continue to progress discussions with approximately 1,900 affected tenants across the managed portfolio.

COVID-19 Update

Portfolio Traffic and Stores Open Retailer Assistance Marketing and Communications Update Outside of retail assets in Victoria, managed portfolio demonstrating signs + Across managed portfolio completed 26% of expected deals , + Focused on signage and messaging to encourage shopper adherence to As at of recovery: with retailers required by Code of government restrictions 31 July 2020 ++ 95% of stores now open and tradingCustomer visitation returning with + ConductIn majority of cases preferred + Targeted shopper communications via online platforms traffic at 85% of 2019 levels position by retailers is not to defer + Supporting retailers with marketing rent beyond Dec 2020 initiatives (such as Retailer Runner) to assist driving sales Victoria + Victoria based assets have 62% stores open with traffic numbers at 73% of 2019 levels (excluding Melbourne Central) + Melbourne Central impacted given reliance on CBD workers, tourists and students, with traffic averaging 15-20% of its normal Update levels and only 37% of the stores open As at + Finalisation of discussions with retailers regarding rental assistance may take longer given uncertainty of impacts from recent restrictions 31 July 2020 + Focus on providing safe environments promoting adherence to government guidelines 32 The GPT Group 2020 Interim Result | 10 August 2020

Before I cover off the 30 June results in more detail, I wanted to provide a current update on how our portfolio is placed both in Victoria and the rest of the country with regards to the impacts of COVID and government restrictions.

Firstly, on the portfolio outside Victoria. We have continued to see positive momentum with stores now open sitting at 95% and customer’s continuing to return to their pre-COVID behaviours. In particular, assets like Charlestown, Casuarina and Sunshine Plaza are benefiting from an earlier relaxation of restrictions by their governments.

Retailer discussions regarding rental assistance are progressing having now completed about 26% of the expected deals across the managed portfolio. Whilst the Code of Conduct was more specifically referencing SME retailers, we are also engaging with non SME’s given the extent to which their sales have also been impacted across our assets.

On marketing and communications, one of the most pleasing aspects throughout this period has been the high level of collaboration across our industry when discussing operational aspects of our retail assets, ensuring a level of consistency with standards of signage, communications and shared learnings.

Turning to Victoria, as at June 30, our Victorian assets were enjoying a similar recovery to the rest for the country. Our centres had 90% of our retailers trading and traffic numbers were trending towards 2019 figures. Following, the introduction of Phase 3 restrictions in July this reduced our occupancy to 62%, with traffic averaging 73% of 2019 numbers.

The introduction of Phase 4 restrictions has limited our opening count to essential retailers only and for the next six weeks and we would expect that our traffic will be materially impacted.

Given the uncertainty with the resumption of a normalised retail trade in Victoria, we are anticipating a longer period in closing out our discussions with retailers regarding rental assistance. We remain actively engaged with our retailers and we will work closely with those who are continuing to trade through this period.

Turning now to portfolio performance.

Portfolio Performance

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10%
Retail Sales and Traffic -10%0%
+ Heavily impacted from mid March through to May with government restrictions introduced -20%-30%-40%
+ Recovery evident from May in line with relaxation of restrictions -50%
MAT at 30 June 2020: -60%-70%
+ Centre Sales down 10% and Total Specialty Sales down 11% -80%
Categories that have performed well despite conditions: Jan-20 Feb-20 Mar-20 Mar-20 Apr-20 Apr-20 May-20 Jun-20
++ Supermarkets up 1.2%; Discount Department Stores up 0.3%Technology, Food Retail and General Retail, on average down 2.7% implementedGovernment measures related impactsCOVID-19Peak
Categories impacted by government restrictions include: Centre Sales growth (%) Spec/Mini Majors growth (%) Traffic growth (%) Traffic growth - ex Melb Central (%)
+ Cinemas, Dining and Retail Services, average decline of 16.9% Data: Based on weighted portfolio
Market Share (Physical vs Online) 25%20% 12%10%
+ Government restrictions led to significant store closures and a 15% 8%
corresponding shift to online retail purchasing 6%
+ Omni-channel retailers benefited most from this shift 10% 4%
+ The result was a loss in market share across the portfolio, with sales 5% 2%
diverting to online and smaller local centres out-performing as 0% 0%
shoppers sought to limit travel movements Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
+ Since late April, there has been a rebound as shoppers begin to return to established shopping behaviours Source: Quantium Portfolio online leakage (%) - LHS Portfolio market share (%) - RHS
The GPT Group 2020 Interim Result | 10 August 2020
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Whilst we had positive sales growth in January and February earlier this year, the graph demonstrates the sales and traffic trend for the 6 months and clearly shows the decline through the peak period of the restrictions.

Importantly, by June, there had been a corresponding recovery across most retail categories with more stores re-opening and traffic returning.

On Centre sales, for the 12 months to June our MAT was down 10%.

At an asset level, as you would expect due to Melbourne Central’s location, it has experienced our strongest sales decline, down 18% for the 12 months, given the reductions of workers, students and tourists visiting the CBD. To our other assets, both Highpoint and Charlestown also were impacted with sales declines, with both MAT’s down 12.5%. Conversely, Rouse Hill, was broadly flat on a MAT basis.

On retail categories, whilst the major department stores experienced a decline in sales, catering to the more essential goods, both Kmart and Big W traded well over the period.

Our Cinemas have been heavily impacted given the government restrictions and lack of product, with their MAT down almost 33%

Supermarkets, not surprisingly traded well for the 12 months, benefiting from peak periods of substantial sales growth during March through to May, particularly with the initial panic buying.

As a large number of Specialty stores hibernated during April and May, our Combined Specialty MAT was down 11.0%. Some retailers have performed well, those providing essentials like fresh food, or goods in demand given the people were spending more time at home, such as Rebel Sport and JB-Hi-Fi. Understandably, other retail categories have experienced sales declines, including Travel, Dining, Fashion and Footwear given the widespread store closures through the peak restriction period.

If we then look at market share, which is a measure of the percentage of sales that we capture in our trade areas, through the period we saw customers limit out of home travel and reduce visitations to our retail assets. Online retail platforms benefited from this during March through to April.

Encouragingly, we have seen over more recent months customers returning to their previous shopping behaviours, and our portfolio is reclaiming the lost sales to online. Market shares for both physical stores and online are trending back to similar levels prior to the restrictions.

Portfolio Performance

Retail Leasing

Retail Valuations

- Whilst leasing deals have slowed over last 3 months, 173 deals have been completed for the 6 months to June
- 100% of retail portfolio independently valued as at 30 June 2020
- GPT retail portfolio outcomes in line with market update in May 2020
- Occupancy remains strong at 98.0%
- WACR expanded 15 basis points, now at 5.04%
- In conjunction with COVID-19 discussions we are addressing holdovers and imminent lease expiries
- Valuers have considered the Code of Conduct through short term rental assistance assumptions in addition to adjustments to forecast growth rates, vacancy downtime and market rents
- New leasing deals are consistent with pre-COVID-19 conditions and include base rent, fixed increases and structured lease terms

include base rent fixed increases and structured lease terms
1. New leases 2. Specialties <400sqm Statistics exclude development impacted centres (Sunshine Plaza) & holdovers JUN 2020 Portfolio Occupancy 98.0% Retention Rate 66% Avg. Annual Fixed Increase1,2 4.7% Avg. Lease Term1,2 4.5 years Leasing Spread1,2 (5.2%) Holdovers as a % of Base Rent2 9.8% Specialty Occupancy Cost2 19.7% Portfolio Leasing Statistics ,	ASSET	The GPT Group2020 Interim Result
	Melbourne Central
	Rouse Hill Town Centre
	Sunshine Plaza (50%)
	Westfield Penrith (50%)
	Highpoint (16.67%)
	Charlestown Square
	Casuarina Square (50%)
	GPT ASSETS
	GWSCF Equity Interest (28.5%)
	TOTAL

Given the last few months and the priorities of our retailers being more focused on the operations of their businesses, there has been a reduction in the level of completed leasing deals when compared to previous periods.

A testament to the quality of our portfolio, occupancy remains high at 98%. On the deals we have completed to June 30, we continue to deliver structured rent increases, with fixed lease terms of 4.5 years.

Whilst holdovers are more elevated when compared to the first 6 months of 2019, this is largely reflective of the unusually slow level of leasing activity given the COVID environment and reducing this will be a strong focus in the second half.

We undertook independent valuations for the entire portfolio in June 2020. For the GPT Retail portfolio the revaluation outcomes were in line with our release to the market in May. Including our equity interest in the GPT Shopping Centre Fund, there was a negative revaluation of 10.5% with the portfolio valued at $5.7 billion. The weighted average capitalisation rate expanded by 15 basis points and is now at 5.04%.

Portfolio Strategy

Responding to Changing Customer Preferences GPT Portfolio Quality

Customers now demand convenience and during COVID have Portfolio of Leading Retail Assets increased consumption of home delivery and online services + Melbourne Central ranked #1 with highest centre sales + GPT’s “Retail Runner” responds to this customer demand which also productivity[1] supports retailers to maximise sales during and post-COVID + 70% of GPT’s retail portfolio (by value) is ranked in the Top 20 in Australia based on specialty sales productivity[1] Online + GPT retail assets have an average annual sales turnover of ~$550 million ordering platform Located in Quality Markets + Pickup from + GPT retail assets located in top 35% of Australia’s markets with retailer or from exposure to strong population growth markets in NSW & VIC[2] a designated “Click and Collect” location Investment in Assets to Meet Customer Expectations at Centre Ensuring our retail assets have responded to customer needs + Initially focused across retailer offer, amenity and experience on food + 76% of portfolio has had refresh capital invested in last 5 years retailers, with + Re-mixed to growth categories with over 530 new retailers intention to introduced to portfolio over last 5 years expand to other retail categories 1. Source: Shopping Centre Industry Big Guns – March 2020 35 2. The quality of the market is evaluated across 320 different “SA3” market regions, weighted across Population Growth, Household Income, Retail Expenditure and Retail Supply The GPT Group 2020 Interim Result | 10 August 2020

Over the last six months, several themes have emerged, including the importance of connection, the value of time and the prioritisation of convenience. We have seen some retailers accelerate their omni-channel strategies and we have had to respond to meet the evolving needs of both our customers and retailers.

GPT's Retail Runner is a digital ordering and contactless solution that enables customers to purchase from our food catering retailers with options for pick up at the store or to drive through a central pick-up point. This initiative is responding to customer’s changed expectations for their shopping experience and drive convenience across our assets.

The analytical data we collect from customer usage will also provide valuable insights for further development of our convenience strategies. With Retail Runner commencing at most of centres in the next few months, our intent is to increase the level of usage of the platform and expand the retail offer in the lead up to Christmas.

Whilst we currently face a level of uncertainty, particularly with the current environment in Victoria, GPT remains well placed given our quality portfolio of assets with some of these being the most productive in Australia.

Our assets are located in some of the highest growth markets. One being Rouse Hill in Sydney’s North West, in addition to assets like Highpoint and Melbourne Central in Victoria and Sunshine Plaza, which is expected to benefit from its location in one of Queensland’s stronger growth regions and the additional domestic tourism expected over the near-term.

GPT has been active in investing in our portfolio to ensure the assets retain their appeal and relevance to our customers and remain the front-of-mind preference of our retailers. This investment allows us to remix to indemand, growth retailers, responding to changing customer preferences.

This, despite the current market conditions, has meant that our portfolio has retained high occupancy and recaptured market share when customers were able to re-establish their preferred shopping behaviour.

I will now hand over to Bob.

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Funds
Management
Interim Result 2020
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Thanks Chris.

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Funds Management
Funds Management
Financial Summary ($M)
$ $
12.8B 6.6% 289M
ASSETS UNDER EARNINGS NEW EQUITY Segment 2020 2019 CHANGE
MANAGEMENT GROWTH RAISED IN GWOF Result
24.2 22.7 6.6%
GPT Wholesale Office Fund GPT Wholesale Shopping Centre Fund
+ Well positioned with a high quality portfolio and 14.6% net gearing + Performance impacted by portfolio devaluations
+ Raised $289 million of new equity with five new investors participating + Near-term focus on pandemic response and positioning for
+ Expanded development pipeline to an estimated end value of subsequent recovery
approximately $3 billion with the George Street, Parramatta, + High quality portfolio of assets with mixed use opportunities over the
acquisition longer term
+ Over $1 billion of debt capacity to fund organic development pipeline + Prudent capital management
or new acquisition opportunities - Net gearing 28.4%
+ On-track to achieve Carbon Neutral certification for the portfolio in - Next maturity in September 2022
2020 - Distribution payout ratio reduced
+ Next investor liquidity event in July 2026 + Next investor liquidity event in March 2027
37 The GPT Group 2020 Interim Result | 10 August 2020 37
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Our Funds business continues to be an important part of the GPT platform, providing further scale, alternate sources of capital and recurring income. The platform has $12.8 billion in assets under management, 70 institutional investors and made a material contribution to earnings in the half.

The Office Fund is well placed for the future with AUM of $8.9 billion, leverage of less than 15% and a $3 billion development pipeline which includes the recent acquisition of a site in the Parramatta CBD. Furthermore, new equity of just under $300 million was raised in the half and the Office Fund’s next liquidity review is not until 2026. The Office Fund is on track to have all its assets certified carbon neutral by the end of this year which is an important milestone for both the Fund and the Group.

Our Shopping Centre Fund has AUM of $3.9 billion and its performance over the period has been impacted by a fall in asset valuations. As you would expect, the Fund has a near-term focus of navigating through the pandemic period and positioning the portfolio for the recovery, including the potential for mixed use developments. The Fund has ample liquidity but has taken the prudent step of reducing its distribution payout ratio given low levels of rent collection in the last quarter. No units have traded during the period and the Fund’s next liquidity review is in 2027.

Sustainability + GPT is bringing forward its Carbon Neutral portfolio commitment to 2024 (previously 2030) - GWOF remains on-track to achieve its carbon neutral target by the end of 2020
- The Group’s target covers all GPT managed assets + Launched our inaugural Climate Disclosure Statement in February and our new Sustainability Report in May 2020 - These reports demonstrate GPT’s commitment to embedding sustainability and governance principles in our day-to-day operations
38 The GPT Group 2020 Interim Result | 10 August 2020

While we have certainly had a major focus on health and safety and navigating through the pandemic, we have also advanced our plans to achieve a carbon neutral status for the entire GPT managed portfolio. We had been targeting to achieve this by 2030, but off the back of the work that we have done with the Office Fund, we have now brought forward our target to 2024.

We believe reducing emissions through the more efficient use of energy represents the most important contribution GPT can make to climate change mitigation. It also makes commercial sense, with lower energy and operating costs enhancing the appeal of our assets to our tenants, and assisting them in achieving their own emission reduction targets.

During the period we also launched our first Sustainability Report, which you can find on our website, along with our inaugural Climate Disclosure Statement. Both reports demonstrate GPT’s commitment to embedding sustainability principles in our day to day operations and recognises the significant role environmental, social and governance matters play in our ability to generate stakeholder value over the medium to long term.

Responding near-term | Long-term growth

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Well positioned for forecast economic conditions
+ Near-term economic and community conditions present challenges
+ Strong balance sheet with low gearing and high level of liquidity
+ High quality diversified portfolio with a focus on growing our Logistics exposure
Attractive pipeline of development opportunities in key sectors
+ 32 Smith Street progressing well and on track for completion
+ Logistics development pipeline a key source of growth with an estimated end value of ~$1 billion
+ Progressing Cockle Bay Park detailed planning
Clear strategic priorities
+ Progress delivery of Logistics development pipeline
+ Complete COVID-19 tenant negotiations
+ Strong focus on leasing and asset management
+ Leading the way with Carbon Neutral 2024 commitment
39 The GPT Group 2020 Interim Result | 10 August 2020
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In conclusion, the last 5 months have been challenging and there remains a great deal of uncertainty for the balance of this year. Accordingly, we are not providing earnings guidance for the full year today.

We are well positioned, with a strong balance sheet, $1.2 billion in liquidity, high quality assets and a proactive management team. While Melbourne is currently going through a tough period, we believe that Melbourne, Sydney and Brisbane will continue to be global cities and will benefit from the trend of urbanisation. The pandemic may slow population growth for a period, but the trend will continue longer term.

Over the last 18 months, we have built up a significant development pipeline and have been successfully executing on our strategy to develop modern high quality logistics assets for our portfolio. As Matt mentioned, the Logistics pipeline has an end value of approximately $1 billion and our Kemp’s Creek site has been fasttracked by government given the limited land supply and its proximity to key infrastructure. We will also continue to progress other development opportunities so that projects are shovel-ready when the outlook is more certain.

As you heard from Matt and Chris, our teams are actively working through tenant negotiations and we are clearly focused on leasing not only current vacant space, but also upcoming expiries.

Disappointingly, the GPT security price is currently reflecting an expectation of a further correction in retail and office asset values.

We believe retail shopping centres will continue to play an important role, particularly in the major conurbations of Sydney and Melbourne for consumers and retailers. When the restrictions lifted in June, we saw an immediate return to the centres by consumers and sales lifted accordingly. Clearly there was pent up demand for the experiences that are only available through physical retailing. Shopping centres will continue to evolve and the pandemic has no doubt accelerated change, but it is clear that the consumer wants both physical as well as on-line.

And while work place flexibility, including work from home arrangements, will no doubt increase, the role of the office to collaborate, shape culture and drive innovation will become increasingly important as companies position their business for the post pandemic recovery.

Our office portfolio has a weighted average lease expiry of just over 5 years and a diversified high quality tenant base. We remain confident that Sydney and Melbourne will continue to be a location of choice for companies and their employees. We do expect that there will be some near term demand softness but we are well positioned to navigate through this. We do expect that there will be some near term demand softness but we are well positioned to navigate through this.

In summary, GPT is well placed for the current uncertainty with a strong balance sheet, a high-quality diversified portfolio and a very experienced management team. We are focused not only on the immediate pandemic situation but also on positioning the business for the future. It is clearly a very challenging time for

Australia, in particular Victorians, and we are doing what we can to support our people, our customers and tenants as well as the broader community.

That concludes our presentation and we will now go to a Q&A session which will be audio only. I will now hand back to the operator for your questions.

Thank you for joining us Questions

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 in this presentation 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. 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 this presentation - 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 2020 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.

Funds from Operations (FFO) is reported in the Segment Note disclosures which are included in the financial report of The GPT Group for the 6 months ended 30 June 2020. FFO is a financial measure that represents The GPT Group’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. A reconciliation of FFO to Statutory Profit is included in this presentation. Key statistics for the Retail and Office divisions include GPT Group’s weighted interest in the GPT Wholesale Shopping Centre Fund (GWSCF) and the GPT Wholesale Office Fund (GWOF) respectively.

The GPT Group 2020 Interim Result | 10 August 2020

AI assistant

GPT GROUP Interim / Quarterly Report 2020

65009_rns_2020-08-09_52231f1e-05b3-4fe1-a31a-c3fc9f076faa.pdf

2020 Interim Result Presentation (with speaker notes)

Reviewing the Half Year

COVID-19 Tenant Negotiations

Valuations & COVID-19 Impact

Financial Summary

9.3 CENTS

99.6%

Segment Result & Free Cash Flow

Capital Management

Thank you, Anastasia.

Office Return to Workplace

Office Leasing & Market Update

Office Customer Update

Evolution of Office

Sydney Metropolitan Office Update

Office Development Pipeline

Office Portfolio Resilience

Logistics Customer & Leasing

Evolution of Logistics

Logistics Portfolio Growth

Logistics Development Completions

Logistics Developments Underway

COVID-19 Update

Portfolio Performance

Portfolio Performance

Retail Leasing

Retail Valuations

Portfolio Strategy

Responding near-term | Long-term growth

Disclaimer

AI assistant

GPT GROUP — Interim / Quarterly Report 2020

65009_rns_2020-08-09_52231f1e-05b3-4fe1-a31a-c3fc9f076faa.pdf

2020 Interim Result Presentation (with speaker notes)

Reviewing the Half Year

COVID-19 Tenant Negotiations

Valuations & COVID-19 Impact

Financial Summary

9.3 CENTS

99.6%

Segment Result & Free Cash Flow

Capital Management

Thank you, Anastasia.

Office Return to Workplace

Office Leasing & Market Update

Office Customer Update

Evolution of Office

Sydney Metropolitan Office Update

Office Development Pipeline

Office Portfolio Resilience

Logistics Customer & Leasing

Evolution of Logistics

Logistics Portfolio Growth

Logistics Development Completions

Logistics Developments Underway

COVID-19 Update

Portfolio Performance

Portfolio Performance

Retail Leasing

Retail Valuations

Portfolio Strategy

Responding near-term | Long-term growth

Disclaimer

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GPT GROUP Interim / Quarterly Report 2020