GPT GROUP — Interim / Quarterly Report 2021

Aug 15, 2021

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16 August 2021

2021 Interim Result Presentation

GPT provides its 2021 Interim Result Presentation which is authorised for release by the GPT Group Board.

-ENDS-

For more information, please contact:

For more information, please contact:
INVESTORS	MEDIA
Penny Berger	Grant Taylor
Head of Investor Relations & Corporate	Communications Manager
Affairs
+61 402 079 955	+61 403 772 123

www.gpt.com.au

Level 51, 25 Martin Place, Sydney NSW 2000

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Interim Result 2021 2021 Agenda

Market Briefing 15 February 16 August 2021

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.

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Artwork created by Molly Wallace

2021 Half Year in Review | Bob Johnston 4 Finance and Treasury | Anastasia Clarke 9 Office and Logistics | Matthew Faddy 13 Retail | Chris Barnett 28 Funds Management | Nicholas Harris 36 Summary and outlook | Bob Johnston 39

Agenda

Interim Result 2021 2021

Strong first half recovery interrupted by recent COVID-19 restrictions

• » Strong momentum in six months to 30 June 2021

• Operating environment strengthened from economic recovery

• Minimal disruptions from COVID-19

• Robust recovery in retail sales

• 104% of 1H 2021 Retail net billings collected

• Continued to execute on strategy

• Solid capital position maintained

• » From late June 2021, trading conditions impacted by COVID-19 lockdowns

• » 2021 Funds From Operations and distribution guidance withdrawn in July 2021

• » Recovery in retail sales expected following the lifting of restrictions

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8 Exhibition Street, Melbourne
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THE GPT GROUP | 2021 INTERIM RESULT

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2021 Interim Result

Financial summary

15.64cents

13.3cents

Funds From Operations per security, up 24.6%

Distribution per security, up 43.0%

$5.86

10.2%

Net Tangible Assets per security, up 5.2%[1]

Total Return[2]

Investment portfolio

Portfolio occupancy

Weighted average lease expiry

95.6% 4.8 yrs

Assets under management $25.3b Weighted average 4.85%

Weighted average capitalisation rate

1. Total Return is defined as the change in Net Tangible Assets (NTA) per security plus distributions per security declared from 1 July 2020 to 30 June 2021, divided by the NTA per security at 1 July 2020

2. On 31 December 2020

THE GPT GROUP | 2021 INTERIM RESULT

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Logistics driving increased portfolio valuation

Overall portfolio valuation increased $471.7m (+3.3%)

• » Office portfolio valuation metrics supported by strong investor demand and transactions

• » Logistics portfolio significant valuation gain driven by firming investment metrics and unprecedented investor demand

• » Retail portfolio valuations remained stable reflecting leasing transactions and occupancy

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At 30 June 2021 Office Logistics Retail 1H 2021 Valuation Movement +2.2% +10.6% +0.6%

(6 months to 30 June 2021) +$121.2m +$314.7m +$35.8m

Capitalisation Rate 4.87% 4.38% 5.05% (-2 bps since December 2020) (-46 bps since December 2020) (-1 bps since December 2020)

Discount Rate 6.08% 5.81% 6.30% (-11 bps since December 2020) (-39 bps since December 2020) (-3 bps since December 2020)

Key Valuation Assumptions Incentives ~33% Incentives ~20% Incentives ~10% Growth rate 3.3% Growth rate 3.2% Growth rate 2.8%

THE GPT GROUP | 2021 INTERIM RESULT

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Delivering on strategic priorities

• » Logistics portfolio more than doubled since 2017 to $3.4b, with extensive $1.4b development pipeline[1]

• » GPT QuadReal Logistics Trust targeted investment increased to $1b, with 53% of initial $800m committed

• » $780m of Office development completions at 32 Smith and Queen & Collins, and >$3.5b development pipeline[1]

• » GWOF’s 51 Flinders Lane development to commence 4Q 2021

• » Rouse Hill Town Centre $140m retail and $130m residential development planned to commence 2022

• » Using customer insights to inform decisions – delivering leading Retail offers and customer experiences, flexible Office design solutions including healthy building initiatives

• » Gearing at 24.5% providing investment capacity

• » ESG leadership – progress toward 2024 carbon neutral target

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STRATEGIC PRIORITIES
Expand and optimise the portfolio
PURPOSE
To create value for investors Funds Management growth
by providing high quality
real estate spaces that
enable people to excel and
our customers and communities
Exceed customer expectations
to prosper in a sustainable way
Leadership in ESG
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1. Assets under management

THE GPT GROUP | 2021 INTERIM RESULT

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Demonstrating leadership in sustainability

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Maximum 2 [nd] globally Industry-leading World-leading Industry-leading
5 Star status for GPT, in real estate ESG performance GWOF carbon neutral portfolio carbon neutral target
GWOF and GWSCF certification [2]
1
1
75% reduction 5.8 Star Employer of $450,000 Stretch RAP
in emissions intensitysince 2005 [3] weighted average Energy Rating for Office portfolio [4] Choice direct funding to Foundation and non-profit partners in 2020 [3] Stretch Reconciliation Action Plan 2018-2021
for third consecutive year
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1. S&P Global Corporate Sustainability Assessment was previously known as the DJSI Corporate Sustainability Assessment

2. 5.8. Star weighted average NABERS Energy Rating (including GreenPower) for the Office portfolio, as at 30 June 2021

THE GPT GROUP | 2021 INTERIM RESULT

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1. The Green Building Council of Australia has recognised this outcome as a first for a national property portfolio within the World Green Building Council network 3. As at 31 December 2020

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Finan nda Age ce and Treasury

Interim Result 2021 2021

Financial summary 1H 2021

$760.5m

$302.3m

Statutory Net Profit After Tax

Funds From Operations

($m)	1H 2021	1H 2020	Change
Funds From Operations (FFO)	302.3	244.5	23.6%
Valuation increases/(decreases)	471.7	(711.3)
Treasury instruments marked to market	0.5	(51.5)
Other items	(14.0)	(2.1)
Net Profit / (Loss) After Tax	760.5	(520.4)
Funds From Operations per security (cents)	15.64	12.55	24.6%
Operating Cash Flow	289.0	204.1	41.6%
Free Cash Flow	255.1	182.0	40.2%
Distribution per security (cents)	13.3	9.3	43.0%
Payout Ratio (% of free cash flow)	99.9%	99.6%

THE GPT GROUP | 2021 INTERIM RESULT

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Segment result

($m)	1H 2021	1H 2020	Change	Comments
Retail	140.8	79.2	77.8%	Cash collections 104%, outstanding net debt of $22m. Reduction in COVID-19 allowances, offset by normalisation of operating expenses
Office	134.5	139.9	(3.9%)	Cash collections 100%. Sale of Farrer Place in December 2020 offset by reduced COVID-19 allowances
Logistics	75.5	64.4	17.2%	Cash collections 100%. Contribution from acquisitions and development completions
Funds Management	23.9	24.2	(1.2%)	Lower base management fees reflecting GWSCF devaluations
Finance Costs	(44.3)	(49.1)	(9.8%)	Cost of debt 2.7%, saving 40 bps on prior period
				1H 2020 result supported by withdrawal of remuneration
Corporate	(28.1)	(14.1)	99.3%	incentive schemes and JobKeeper. Higher D&O insurance premiums
				in 1H 2021
Funds From Operations	302.3	244.5	23.6%
Maintenance capex	(12.9)	(18.5)	(30.3%)	Reduction of non-essential capex in Retail and Logistics
Lease incentives	(23.1)	(28.9)	(20.1%)	Decrease in line with lower leasing in Office and Logistics
Adjusted Funds From Operations	266.3	197.1	35.1%

THE GPT GROUP | 2021 INTERIM RESULT

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Capital management

Capital management
Key Statistics	Jun 2021	Dec 2020
Net Tangible Assets per security	$5.86	$5.57
Net Gearing	24.5%	23.2%
Weighted average cost of debt	2.7%	3.1%
Weighted average term to maturity	7.4 years	7.8 years
Interest cover ratio	7.9x	6.4x
Credit ratings (S&P / Moody’s)	A / A2	A / A2

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Debt Maturity Profile
600
As at 30 June 2021
500
$1.3b
400 Liquidity
300
200
100
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
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Undrawn Bank Facilities Drawn Bank Facilities Medium Term Notes US Private Placements CPI Bonds
$m
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Sources of Drawn Debt

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As at 30 June 2021
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Domestic bank debt
2%
CPI Bonds Secured bank debt
2% 2%
Commercial
Paper
16%
USPP
41% Bank Debt
5%
Debt Capital
Markets
95%
Domestic
MTNs
25%
Foreign
MTNs
12%
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THE GPT GROUP | 2021 INTERIM RESULT

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FinaAgeOffice n dace and Treasury

Interim Result 2021 2021

Office overview

5.0 yrs

$134.5m

Segment contribution, comparable growth up 1.8%

Weighted average lease expiry

5.8stars

4.87%

Weighted average capitalisation rate

NABERS Energy (average)[1]

Development Completions $780m Signed leases 37,900sqm

Occupancy – Stabilised[2] 92.0% Occupancy – Incl. Development Completions 88.9%

1. 5.8 stars with Green Power and 5.1 without Green Power

THE GPT GROUP | 2021 INTERIM RESULT

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1. Excluding development completions (32 Smith, Parramatta and Queen & Collins, Melbourne)

21%

Achieving leasing in a challenging environment

• » Signed leases of 37,900sqm with Heads of Agreement (HoA) of 23,200sqm in 1H 2021

• » Negotiations well advanced across 51,400sqm

• » Leasing sentiment in Sydney CBD ran ahead of Melbourne in 1H 2021, with smaller occupiers most active

• » GPT occupancy sustained well above prime market average, expect portfolio occupancy to increase in 2H 2021

• » Continued de-risking through forward solving future expiries

GPT Office Occupancy vs National Prime Grade Average

GPT Lease Expiry Profile by Area

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100%
95%
90%
85%
80%
75%
GPT Occupancy - Stablised Assets National Prime CBDs (JLL Research)
Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21
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14%
11% 11% 11%
10% Target <10%
9%
5% 6% 5%
5%
2%
1%
Sydney Melbourne Brisbane Adjusted for HoAs in place
Vacant 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030+
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THE GPT GROUP | 2021 INTERIM RESULT

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Development completions of $780m

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32 Smith Parramatta, NSW

100%

GPT Ownership

January 2021 Practical Completion

6 Star

Green Star - Design rating[¹]

$325.0m

Fair Value 30 June 2021

75%

Office Leasing Progress[²]

27,000sqm Office Area

300sqm Retail Area

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Artist’s impression
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Queen & Collins Melbourne, VIC

100%

GWOF Ownership

June 2021 Practical Completion

6 Star

Green Star - Design rating[¹]

$454.0m

Fair Value 30 June 2021

41%

Office Leasing Progress[²]

34,000sqm Office Area

1,300sqm Retail Area

1. 6 Star Green Star – Design rating achieved, As Built rating targeted 2. Office component, inclusive of post balance date HoAs

THE GPT GROUP | 2021 INTERIM RESULT

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Development pipeline of >$3.5b ¹

• » Development pipeline delivering portfolio growth and enhanced returns

• » Targeting unlevered project IRRs of >12%

• » Sustainability focus targeting 6 Star Green Star ratings, creating assets that are carbon neutral from first day of operation, reducing embodied carbon footprint and undertaking climate adaptation planning

• » Pursuing value-add opportunities across eastern seaboard

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51 Flinders Lane, Melbourne 100% GWOF

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300 Lonsdale, Melbourne 100% GPT

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Cockle Bay Park, Sydney 25% GPT / 50% GWOF

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George Street, Parramatta 100% GWOF

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Skygarden, Brisbane 100% GWOF

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Cnr George & Bathurst, Sydney 100% GWOF

32 Smith, Parramatta

1. Estimated end value inclusive of GPT and GWOF opportunities All images are Artists’ impressions

THE GPT GROUP | 2021 INTERIM RESULT

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Listening to customers; investing to drive high occupancy and rental growth

Agility

Flexibility

Asset Investments

• » Speed to transact with inhouse leasing and asset management teams

• » Fast-tracking return of space to market, with 108 furnished turn-key suites leased to tenants and a further 70 under construction / planned

• » Leveraging Space&Co. to facilitate leasing transactions, for project requirements and to incubate SMEs and start-ups

• » Space&Co. Sydney CBD venue 99% occupied, demonstrating strong customer take-up of flexible space when economies are open

• » Healthy building upgrades including touch-free lift / building access and up-specification of air filtration

• » Reducing environmental impact with 97% reduction in CO2 emissions and 76% reduction in water use since 2005

• » Short form leases to reduce complexity and support quicker documentation turnaround

• » Introduction of more collaboration spaces and business lounge facilities, with a new space-on-demand service at Queen & Collins

• » Upgrades of customer amenities including lobbies and end of trip facilities

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Queen & Collins, Melbourne
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Space&Co. 32 Smith, Parramatta
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Melbourne Central Tower, Melbourne
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THE GPT GROUP | 2021 INTERIM RESULT

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Office portfolio outlook

High quality assets in deepest office markets

• » Delivered a 12 month total return of 7.6%

• » $5.8b on balance sheet and $13.3b of assets under management

• » All prime grade assets and eastern seaboard focus

• » Sustainability leadership with NABERS Energy rating averaging 5.8 stars[1]

Diverse customer base, with strong covenants

• » 100% of 2021 net billings collected in the first half

• » Majority financial and insurance institutions, technology and professional services

1H 2021 demonstrated return of business confidence that emerged as restrictions eased

• » Job advertisements in June 2021 sitting 23.7% above June 2019 levels[2]

• » Unemployment below pre-COVID levels[3]

• » Prime net absorption in Sydney CBD of +27,300sqm in 2Q 2021⁴

Customer Industry – Office Tenant Income

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Technology
(Info & Comms)
16%
Insurance
Banking 19%
14%
Co-working /
3%
Serviced Office
10% Other
3%
Mining &
Energy
7%
Government
10%
Legal
9%
9%
Other
Business
Accounting
Services
& Finance
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1. With GreenPower, 5.1 stars without GreenPower

THE GPT GROUP | 2021 INTERIM RESULT

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1. SEEK Employment Report, June 2021

2. Australian Bureau of Statistics, Unemployment in seasonally adjusted terms, June 2021 4. JLL Research, 2Q 2021

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AgendaLogistics

Interim Result 2021 2021

Logistics overview

$75.5m

6.6 yrs

Segment contribution up 17.2%, comparable growth up 1.6%

Weighted average lease expiry

4.38%

$3.4b

Weighted average capitalisation rate

Logistics portfolio up 13% in 1H 2021

Total Return – 12 months

24.2%

Completions and acquisitions exchanged ¹ $350m

Signed leases 58,900sqm

96.8%

Occupancy

1. Reflects contracted acquisitions, land parcels and development completions during the period, inclusive of GPT QuadReal Logistics Trust share

THE GPT GROUP | 2021 INTERIM RESULT

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Developments and acquisitions driving growth

• » Completed $51.2m development at Glendenning, now leased for a 10 year term

• » Secured two fund-through acquisitions and two land parcels for future development with an estimated end value of $370m

• » In August 2021 additional land acquired by GPT QuadReal Logistics Trust at Crestmead, QLD with an estimated end value of $90m

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Development
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42 Cox Place, Glendenning, NSW Completed 1H 2021 | Fair Value $51.2m 100% GPT

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Acquisition
Artist’s impression
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917 Boundary Road, Tarneit, VIC Completion 1H 2022 | Purchase Price $137.1m[1] GPT QuadReal Logistics Trust

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Acquisition
Artist’s impression
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26-46 Bend Road, Keysborough, VIC Completion 2H 2022 & 1H 2023 | Estimated End Value >$130m[1] GPT QuadReal Logistics Trust

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Land
Artist’s impression
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772-782 Mamre Road, Kemps Creek, NSW 100% GPT | Estimated End Value >$60m

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Land Land – August 2021
Artist’s impressionArtist’s impressionArtist’s impression Artist’s impression of comparable product
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Land Land – August 2021
Artist’s impressionArtist’s impressionArtist’s impression Artist’s impression of comparable product
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149 & 153 Coulson Street, Wacol, QLD GPT QuadReal Logistics Trust | Estimated End Value $40m[1]

Crestmead Logistics Estate Lot 52, Crestmead, QLD GPT QuadReal Logistics Trust | Estimated End Value $90m[1]

1. Estimated value at 100%, asset to be held within GPT QuadReal Logistics Trust (GPT 50%)

THE GPT GROUP | 2021 INTERIM RESULT

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High quality portfolio with diverse customer base

• » High quality tenants, predominantly distribution centres, warehousing and cold storage

• » >70% income from ASX listed companies and multinationals

• » Strong WALE of 6.6 years

• » Broadening embedded customer relationships and expanding our footprint to provide network coverage

GPT Logistics Customers

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55 Whitelaw Place, Wacol, QLD
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THE GPT GROUP | 2021 INTERIM RESULT

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Developments of $170m underway

• » Four developments on track for completion in 2H 2021

• » Leasing progressing well with 80% committed

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Artist’s impression
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Metroplex Place Wacol, QLD

Wembley Business Park – Stage 4 Berrinba, QLD

$37m $40m Forecast End Value Practical Forecast End Value[1] completion Targeting 16,300sqm 17,100sqm Forecast GLA July 2021 Forecast GLA 5 Star Green 100% HoAs in place 50% GPT Ownership across GPT Ownership Star 100%

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Artist’s impression
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Artist’s impression
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Gateway Logistics Hub – Stage 3 Truganina, VIC

Gateway Logistics Hub – Stage 2 Truganina, VIC

$53m $43m Forecast End Value Forecast End Value Pre-committed 29,800sqm 24,000sqm Forecast GLA to Forecast GLA HoA in place The Hut Group across 100% 100% 100% 100% GPT Ownership GPT Ownership

1. Estimated end value at 100%, Metroplex Place to be held within GPT QuadReal Logistics Trust

THE GPT GROUP | 2021 INTERIM RESULT

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Progressing Yiribana Logistics Estate in Kemps Creek

• » Delivery of first facility expected in 2022

• » Acquisition of additional land in 1H 2021 provides a 37.2 hectare site fronting Mamre Road

• » Combined site has capacity for ~182,000sqm of prime logistics space, with an estimated end value of $600m

• » State Significant Development Application has been submitted

• » Sustainability focus, targeting minimum 5 Star Green Star ratings

• » Strong tenant demand for large scale facilities and pre-leases to consolidate and automate operations

• » In close proximity to key transport links and the future Western Sydney Airport

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Yiribana Logistics Estate, Kemps Creek, NSW (Artist’s impression)
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THE GPT GROUP | 2021 INTERIM RESULT

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Development pipeline of $1.4b

	Development pipeline of $1.4b
	Suburb State GPT Ownership (%) Completions 2H 2021 (sqm) Pipeline (sqm)¹ Estimated End Value ($m)² Expected Timing 2021 2022 2023 2024+ GatewayLogisticsHub Truganina VIC 100 53,800 61,600 205 BoundaryRoad Truganina VIC 100 128,200 250 Foundation Estate Truganina VIC 100 10,000 20 Austrak BusinessPark Somerton VIC 50 121,300 100 YiribanaLogisticsEstate Kemps Creek NSW 100 182,000 600 PembrokeRoad Minto NSW 50 19,500 25 WembleyBusinessPark Berrinba QLD 100 16,300 21,800 85 Metroplex Place Wacol QLD 50 17,100 40 CoulsonStreet Wacol QLD 50 17,400 40 CrestmeadEstate,Lot 52³ Crestmead QLD 50 40,000 90 149 & 153 Coulson Street, Wacol , QLD (Artist’s impression)
	eropexace aco ,
	CoulsonStreet Wacol QLD 50 17,400 40
	CrestmeadEstate,Lot 52³ Crestmead QLD 50 40,000 90
	149 & 153 Coulson Street, Wacol , QLD (Artist’s impre

1. Lettable area subject to authority approvals

2. AUM basis, inclusive of GPT QuadReal Logistics Trust share

3. Exchange occurred in August 2021

THE GPT GROUP | 2021 INTERIM RESULT

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Logistics portfolio outlook

• » Modern portfolio, low maintenance capex delivering attractive cash yield

• » Focused on product creation, with half of portfolio developed by GPT

• » Strategically located in key transport corridors

• » Sustainability investments including solar, water harvesting and batteries

• » Positive tailwinds with acceleration of e-commerce, urbanisation, investments in the supply chain and infrastructure

• » Strong tenant demand, with eastern seaboard take-up in 2Q 2021 double the long-term quarterly average¹

• » Low market vacancy in Sydney of 1.4% and Melbourne of 1.6%²

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42 Cox Place, Glendenning, NSW
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GPT Logistics AUM

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~$5b
$3.4b
$3.0b
$2.4b
$1.9b
$1.5b
2017 2018 2019 2020 1H 2021 Future Growth
Logistics AUM Committed Acquisitions Development Pipeline
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1. JLL Research 2Q 2021 2. CBRE Industrial & Logistics Vacancy Report, 1H 2021

THE GPT GROUP | 2021 INTERIM RESULT

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FinaAgeRetail n dace and Treasury

Interim Result 2021 2021

Retail overview

$140.8m

Segment contribution

98.9%

5.05%

Portfolio Occupancy

Weighted Average Capitalisation Rate

Total Specialty Sales Growth[1] (1H 2021 v 1H 2019)

Specialty +6.5% Sales $9,769psm Productivity[2]

Leasing Deals Completed

412

Average Fixed Lease Terms 4.5yrs

1. Excludes Melbourne Central and Travel Agents 2. Specialties < 400sqm

THE GPT GROUP | 2021 INTERIM RESULT

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Strong leasing momentum evident

• » Highest deal count in any first half period since 2013

• » Higher portfolio occupancy, improved leasing spreads and reduction in holdovers compared to December 2020

• » Base rents with fixed annual rent increases being achieved on all deals, averaging 4.5 years

» Base rents with fixed annual rent increases averaging 4.5 years	being achieved o	n all deals,
	6 months	12 months
	to	to
	June 2021	Dec 2020
Deals Completed	412	404
Portfolio Occupancy1	98.9%	98.0%
Retention Rate	67%	72%
Average Annual Fixed Increase2	4.4%	4.3%
Average Lease Term2	4.5 years	4.0 years
Leasing Spreads2	(9.4%)	(14.1%)
Holdovers as % of Base Rent1	7.3%	7.7%

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Charlestown Square, NSW
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1. As at period end 2. Specialties < 400sqm

THE GPT GROUP | 2021 INTERIM RESULT

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Sales growth well exceeding pre-COVID-19 levels

Sales Growth by Category (1H 2021 v 1H 2019)[1]

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24.4% 23.4%
13.5% 12.8%
9.6%
5.0% 6.5% 6.9% 6.5% 5.7%
3.1%
1.8% 1.5%
-0.3%
-2.0%
-3.5%
-48.5%
Total Centre Department Store DDS Supermarkets Cinemas Other Retail Total Specialties General Retail Leisure Tech & Appliances Fashion Jewellery Homewares Health & Beauty Dining Retail Services Food Retail
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1. Excludes Melbourne Central and Travel Agents

THE GPT GROUP | 2021 INTERIM RESULT

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Physical retail captures 87% share of growing market

• » Physical store sales continue to grow along with online retail sales

• » 32% of e-commerce transactions involve a physical store[1]

• » Sophisticated omni-channel retailers in our portfolio experiencing stronger growth

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Westfield Penrith, NSW
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1. Urbis (June 2021) 2. Year to May 2021 Chart source: ABS Retail Trade, NAB NORSI (May 2021)

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Brands continue to value physical footprints

• » Strong retailer demand with more than 90 brands introduced to GPT’s portfolio in 1H 2021

• » Retailer groups are investing in flagship stores and opening new concepts

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Highpoint Shopping Centre, VIC

• » Remixes underway with existing brands investing in flagship stores

• » New concepts introduced

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Melbourne Central, VIC

• » Attracting first to CBD retail offers

• » Investment in flagship stores by existing on-trend retail brands

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Expanding existing stores

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Enhancing our retail and mixed-use assets

Rouse Hill Town Centre, NSW

Highpoint Shopping Centre, VIC

Sunshine Plaza, QLD

• » Total return 11.3% (12 months to June 2021)

• » 100% occupancy, June 2021 specialty sales $10,881psm (+18% yoy)

• » High population growth, household income 25% higher than Sydney metro average

• » Government investment with metro train and proposed hospital

• » Mixed-use development: $140m retail (15,000sqm GLA) and $130m residential (220 units) planned to commence 2022

• » One of Australia’s leading retail assets, located in a strong growth market with over 1 million people

• » Repositioning investment (2019-2022) including proactive resizing of major stores and upgrades to centre ambience

• » Plans lodged for longer term mixed-use development, leverages significant land holdings (28 hectares) and proximity to Melbourne CBD

• » Dominant asset in SE QLD, trade area population 10 year forecast growth of ~20%[1]

• » $3b government investment - new hospital, road and airport upgrades, expanded university

• » Major re-development completed March 2019

• » Attracting first to market retail brands

• » Strong specialty sales (+20% yoy) and customer visitations (+9% yoy)

• » Mixed-use development planning underway leveraging sizeable land holdings (20 hectares)

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Artist’s impression
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1. Source: Location IQ – June 2021

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Retail portfolio outlook

Quality assets in growth markets

• » $5.6b on balance sheet with $8.4b assets under management

• » Largest exposure to strong population growth markets of NSW and VIC relative to peers

Assets well positioned to meet shifting customer demands

• » Leasing activity underpinned by on-trend retailer groups expanding store networks and opening new concepts

• » Recent asset investment ensures compelling and attractive destinations for retailers and shoppers

• » Mixed-use development opportunities across the portfolio provide a pathway to enhance growth

Economic conditions support retail spending

• » Impacts on trading environment due to COVID-19 are expected to be followed by a recovery in retail sales as previously experienced once restrictions are eased

• » Robust jobs growth, house price appreciation, record low interest rates and high levels of household savings will provide ongoing support for discretionary spending

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Macarthur Square, NSW
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F Ageinaunds Management n dace and Treasury

Interim Result 2021 2021

Funds management overview

$13.5b

Assets under management up 4.7%

7.9% Contribution to Group earnings

Sector diversity[1]

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Office 68%
Retail 29%
Logistics 3%
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Assets under management

$9.3b

$3.9b

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Logistics Trust
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$0.3b[2]

1. Assets under management, value by sector

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1. Capital committed ~$346m, cost to complete ~$279m

Leveraging the platform for expansion

GPT QuadReal Logistics Trust capital commitment increased to $1b

• » 53% of initial $800m target committed with five opportunities secured this year[1]

• Two fund-through acquisitions with Bend Road, Keysborough and Boundary Road, Tarneit

• One development underway at Metroplex Place, Wacol

• Two parcels of land for future development at Wacol and Crestmead[2 ]

Organic growth of existing platform through developments and acquisitions

• » GWOF progressing its ~$3b pipeline[1 ] providing pathway to grow portfolio to > $12b

• Queen & Collins, Melbourne achieved practical completion in June 2021

• 51 Flinders Lane, Melbourne to commence 4Q 2021

• » GWSCF focus on near term asset enhancement and longer term value creation, with mixed-use masterplans progressing at Highpoint, Northland and Macarthur Square

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149 & 153 Coulson Street, Wacol, QLD
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51 Flinders Lane, Melbourne
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Mixed-use masterplan, Highpoint Shopping Centre, VIC
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Estimated end value

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1. Exchange occurred in August 2021 All images are Artists’ impressions

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FinaAgeSumm n dce and Treasury a ry and outlook

Interim Result 2021 2021

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Liberty Place, Sydney
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Summary and outlook

• » Strong first half momentum interrupted by recent COVID-19 restrictions. Impacts expected to be transitory with a recovery anticipated when restrictions are lifted

• » Further growth in Logistics through developments and acquisitions

• » Growth of Funds Management including delivery of increased QuadReal capital partnership and execution of GWOF development pipeline

• » Maintain leading sustainability credentials and progress on milestones to achieve 2024 carbon neutral target

• » Balance sheet strength provides capacity to fund developments and growth opportunities

• » Security buy-back is not active as the Group continues to invest in the development pipeline and other potential growth opportunities

• » FFO and distribution guidance not provided given uncertainty in terms of the duration and nature of government measures being implemented to manage COVID-19

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Interim Result 2021 2021 Agenda

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.

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 2021. 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.

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