GPT GROUP — Interim / Quarterly Report 2022

Aug 14, 2022

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15 August 2022

2022 Interim Result Presentation

The GPT Group (“ GPT ”) provides its 2022 Interim Result Presentation which is authorised for release by The GPT Group Board.

-ENDS-

For more information, please contact:

INVESTORS AND MEDIA

Penny Berger Head of Investor Relations and Corporate Affairs +61 402 079 955

www.gpt.com.au

Level 51, 25 Martin Place, Sydney NSW 2000

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Agenda
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Market Briefing 15 August 2022

Interim Result 2022

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Agenda 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.

Interim Result 2022

|2022 Half Year in Review | Bob Johnston|4||
|---|---|---|
|Finance and Treasury | Anastasia Clarke|7||
|Office | Martin Ritchie|12||
|Logistics | Chris Davis|21||
|Retail | Chris Barnett|29||
|Outlook and 2022 Guidance | Bob Johnston|38||
|Agenda|||
|Agenda||Interim Result 2022|

2022 Interim Result

Financial summary

17.04 cents

Funds From Operations per security, up 9.0%

$ 6.26

Net Tangible Assets per security, up 2.8%

12.70 cents

Distribution per security, down 4.5%

10.8 % 12 month Total Return[1]

Investment portfolio

97.5 %

Portfolio occupancy

Assets under management

$ 27.4 b

4.7 yrs

Weighted average lease expiry

Weighted average capitalisation rate

4.67 %

1. Total Return is defined as the change in Net Tangible Assets (NTA) per security plus distributions per security declared from 1 July 2021 to 30 June 2022, divided by the NTA per security at 1 July 2021.

25 NITON DRIVE, TRUGANINA, VIC

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THE GPT GROUP | 2022 INTERIM RESULT 4
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Executing on strategic priorities

• » Logistics portfolio expanded to $4.6b, representing 28% of the portfolio

• $265m of completions in year to date[1]

• $1.9b development pipeline providing enhanced returns[1]

• » Executing on Office developments while growing the pipeline to $5.5b[2]

• GWOF acquired North Sydney development site and commenced 51 Flinders Lane

• Providing customer solutions via next generation assets and innovative product offerings

• » Sale of Casuarina Square and progressing mixed-use developments

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Expand and optimise the portfolio Grow Funds Management Exceed customer expectations Leadership in ESG

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Portfolio Diversity
As at 30 June 2022
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• Rouse Hill mixed-use expansion expected to commence in 1H 2023

• Highpoint Shopping Centre first stage DA to be lodged in 4Q 2022

• » Funds Management platform expanded to $17b in AUM[3]

• Awarded $2.8b direct real estate mandate by UniSuper

• GPT QuadReal partnership (GQLT) committed capital $1.0b of $2.0b target[4]

• » Innovation driving improved sustainability outcomes

• Upfront embodied carbon[5] neutral developments

• On track to achieve operating carbon neutral certification in 2024[6]

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Logistics Retail
28% 34%
$ 4.6 b $ 5.6 b
Office
38%
$ 6.2 b
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1. Estimated end value, includes GPT and GQLT share.

2. Includes the GPT Wholesale Office Fund (GWOF) development at 51 Flinders Lane. 3. Assets under management (AUM). 4. Includes pipeline projects.

3. As defined in World Green Building Council report, “Bringing embodied carbon upfront”, 2019. 6. Target to achieve independent Climate Active carbon neutral certification of all GPT owned and managed assets by the end of 2024.

THE GPT GROUP | 2022 INTERIM RESULT

5

Our priorities – Carbon neutral and nature positive

Leadership in ESG

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What we deliver Our impact
Carbon neutral Upfront Climate 55 % energy [2]
operational embodied resilient
assets carbon [1] neutral assets
developments 82 % emissions [2]
Nature positive initiatives
How we deliver
delivered
More carbon neutral certified
floorspace than any other
Eliminate emissions Offset Climate Australian property owner
via optimisation residual adaptation
and renewables emissions plans
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Innovation

Supporting restoration of 1,100 hectares of Australian biodiverse native koala habitat in partnership with Greenfleet and the Traditional AgendaOwners for permanent removal of development pipeline residual carbon emissions

For detail see GPT’s Sustainability Report and Climate Disclosure Statement at gpt.com.au/sustainability. 1. As defined in World Green Building Council report, “Bringing embodied carbon upfront”, 2019. 2. Against the baseline of 2005.

THE GPT GROUP | 2022 INTERIM RESULT

6

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Finance and Treasury

Interim Result 2022

Financial summary

$ 529.7 m

$ 326.5 m

Statutory Net Profit After Tax

Funds From Operations

($m)	1H 2022	1H 2021	Change
Funds From Operations (FFO)	326.5	302.3	8.0%
Valuation increases	219.5	471.7
Treasury instruments marked to market	(16.8)	0.5
Other items	0.5	(14.0)
Net Profit After Tax	529.7	760.5
Funds From Operations per security (cents)	17.04	15.64	9.0%
Operating Cash Flow	271.8	289.0	(6.0%)
Free Cash Flow	243.3	255.1	(4.6%)
Distribution per security (cents)	12.7	13.3	(4.5%)
Payout Ratio	100.0%	99.9%

THE GPT GROUP | 2022 INTERIM RESULT 8

Segment result

($m)	1H 2022	1H 2021	Change	Comments
Retail	145.0	140.8	3.0%	Lower COVID-19 allowances and land tax refunds ($9.8m) offset by divestment of Casuarina and Wollongong ($5.5m)
Office	148.9	134.5	10.7%	Reduced vacancy ($5.6m), Ascot acquisition ($2.2m), fixed base rent increases ($5.3m) and higher management fee income ($2.0m)
Logistics	91.2	75.5	20.8%	Ascot acquisition ($12.6m) and development completions ($3.3m)
Funds Management	27.5	23.9	15.1%	Higher base management fees from GWOF revaluations and developments ($2.4m), higher fees from GQLT developments ($1.2m), GWSCF flat
Finance Costs	(54.1)	(44.3)	(22.1%)	Higher debt from acquisitions and developments
Corporate	(32.0)	(28.1)	(13.8%)	Higher technology ($2.3m) and reorganisation ($2.6m) costs offset by lower income tax ($1.0m)
Funds From Operations	326.5	302.3	8.0%
Maintenance capex	(14.8)	(12.9)	(14.7%)
Lease incentives	(41.1)	(23.1)	(78.0%)	2H 2021 leasing volume driving 1H 2022 increase in Office
Adjusted Funds From Operations	270.6	266.3	1.6%

THE GPT GROUP | 2022 INTERIM RESULT 9

Capital management

Key Statistics	30 Jun 2022	31 Dec 2021
Net Tangible Assets per security	$6.26	$6.09
Net Gearing	27.3%	28.2%
Weighted average cost of debt	2.5%	2.4%
Weighted average term to maturity	6.3 years	6.3 years
Interest cover ratio	7.1x	7.5x
Credit ratings (S&P/Moody’s)	A (negative) /A2 (stable)	A (negative) /A2 (stable)

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Debt Maturity Profile
700
As at 30 June 2022
600
$ 1.1 b
500
Liquidity
400
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
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
As at 30 June 2022
Debt Capital
Markets 78%
Bank Debt 22%
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USPP 33% Foreign bank debt 4% Domestic MTNs 21% Secured bank debt 2% Domestic bank debt 15% CPI Bonds 2% Foreign MTNs 12% Commercial Paper 11%

THE GPT GROUP | 2022 INTERIM RESULT 10

Hedging profile

71% hedged over the next 2.5 years at an average fixed rate of 2.8%[1]

(31 Dec 2021: 50% hedged, 1.5 years at 1.5%)

Key Statistics1		30 Jun 2022	31 Dec 2021
Interest rate hedging		65%	69%
Weighted average hedge term		2.5 years	1.5 years
Average fixed hedge rate 2022		1.7%	1.4%
Average fixed hedge rate 2023		2.6%	2.0%
	Hedge profile1
Agenda

42 COX PLACE, GLENDENNING, NSW THE GPT GROUP THE GPT GROUP | 2022 INTERIM | 2022 INTERIM RESULT 11

1. Includes hedging transacted in late July 2022.

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Agenda

Office

Interim Result 2022

Office overview

$ 169.6 m

Segment contribution[1] up 11.0%,comparable growth up 5.0%

8.9 % 12 month Total Return[3]

92.0 %

Portfolio Occupancy

4.77 % Weighted Average Capitalisation Rate

Weighted Average Lease Expiry 4.7 yrs

Development Pipeline[4]

$ 5.5 b

Total 51,900 sqm Leasing[2] (1H 2021: 49,700sqm)

Total Leasing Transactions (1H 2021: 78)

79

1. Includes share of Funds Management net income. 2. Includes Signed Leases and Heads of Agreement (HoA) based on GPT and GWOF Ownership Net Lettable Area (NLA).

2. Investment portfolio total return is calculated as net income and revaluation movement divided by property book value, compounded monthly for a rolling 12 month period.

3. Estimated end value on AUM basis, inclusive of GPT and GWOF share, includes 51 Flinders Lane.

2 SOUTHBANK BOULEVARD, MELBOURNE THE GPT GROUP | THE GPT GROUP | 2022 INTERIM 2022 INTERIM RESULT 13

Increased leasing enquiry

• » Office enquiry is showing positive momentum, up on 1H 2021

• » Smaller occupiers have been the most active during the period[1]

• » Occupiers ‘flight to quality’ continues

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Office Enquiry (sqm) [1]
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400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
-
1 H 20191 2019 2HH2 2019 1HH1 20 2020 H2 20202H 2020 H1 20211H 2021 H2 20212H 2021 H1 20221H 2022
Melbourne CBD Sydney CBD Brisbane CBD
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Prime Net Face and Effective Rent ($/sqm p.a.) [2]
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$1,400
$1,200
$1,000
$800
$600
$400
$200
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Melbourne CBD - Face Melbourne CBD - Effective Sydney CBD - Face
Sydney CBD - Effective Brisbane CBD - Face Brisbane CBD - Effective
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1. Colliers ‘Office Demand Index’ 1H 2022. 2. JLL Research July 2022.

THE GPT GROUP | 2022 INTERIM RESULT 14

Our leasing strategy

Space&Co. Customers

• » Our three space products allow us to access a deeper pool of customers from a diverse range of industries

• » Traditional Space appeals to larger occupiers seeking exceptional quality building amenity, high sustainability credentials and flexible lease terms

• » Space on Demand through Space&Co. provides flexibility for our customers and incubates emerging businesses

• » Premium Suites set a benchmark in high quality fitted out space with the latest workplace design features and technology

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Target Portfolio Makeup [1]
1%
1% 3% 5%
12% 15%
20%
25%
87% 84%
77%
70%
Current Portfolio Makeup End of 2022 End of 2023 End of 2025
- as at 30 June 22 Ambition Ambition Ambition
Traditional Space Premium Suites Space on Demand
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Portfolio Tenant Mix[2]

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Banking 16% Government 15% Info and Comms Technology 14% Insurance 13% Other 11% Other Business Services 9% Legal 9% Accounting & Finance 8% Mining & Energy 3% Co-working/Serviced offices 3%

1. GPT and GWOF ownership NLA. 2. Weighted office portfolio by area.

THE GPT GROUP | 2022 INTERIM RESULT 15

Our leasing results

• » Continuing to achieve leasing results in a changing economic environment, with 51,900sqm of space transacted across 79 deals

• » Our occupancy has been consistently higher than the national prime grade average

1H 2022 Leasing (sqm by ownership) Signed Leases HoAs Total Leasing	<1,000sqm Deals Deals 1,000sqm and over	GPT Office Occupancy vs National Prime Grade Average 80% 85% 90% 95% 100%
GPT + GWOF 28,300 23,600 51,900	23,900 28,000
Weighted Office Portfolio 14,200 15,300 29,500	13,900 15,600
Transactions (#) 45 34 79	65 14

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100%
95%
92.0%
90%
86.7%
85%
80%
GPT Occupancy National Prime CBDs (JLL Research)
Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
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THE GPT GROUP | 2022 INTERIM RESULT 16

Leasing volume expected to improve in 2H

• » While expiries remain elevated, leasing volume in 2H 2022 is expected to increase due to our high quality, well presented products and customer focus

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GPT Lease Expiry Profile [1]
As at 30 June 2022
13%
11%
9%
8%
6%
(sqm by Ownership) VacantVacant 20222022 20232023 20242024 20252025 Total Portfolio
GPT + GWOF 74,600 48,900 71,400 83,800 49,600 895,500
Weighted Office
34,000 34,900 39,600 42,700 23,200 422,500
Portfolio
Total HoAs Signed By Period [2]
100,800
74,600
70,300
62,800
49,200
39,100 35,100 40,100
22,600
Agenda
1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022
1. Vacant % by Area. 2022 – 2025 Lease Expiry % by Income.
2. GPT and GWOF ownership by NLA, based on HoA signature date.
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111 EAGLE STREET, BRISBANE THE GPT GROUP | 2022 INTERIM RESULT 17

Positioning for growth

• » Pipeline opportunities for the next cycle grew 22% to $5.5b[1] , providing an opportunity for GPT and its funds to develop next generation assets and enhance returns

• » GWOF secured a North Sydney development site at 155 Walker Street

• » Commencement of developments customer led with timing in our control

• » Continuing to seek new development opportunities in core markets

Underway Master planning

51 Flinders Lane Melbourne 100% GWOF Estimated end value $539m

Cockle Bay Park Sydney 25% GPT/50% GWOF Estimated end value $1.7b

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300 Lonsdale
Melbourne
100% GPT
Estimated end value $260m
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George Street
Parramatta
100% GWOF
Estimated end value $1.6b
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Skygarden Brisbane 100% GWOF Estimated end value $530m

155 Walker Street North Sydney 100% GWOF Estimated end value $870m

Underway and pipeline images are Artists’ impressions. 1. Estimated end value on AUM basis, includes GPT and GWOF share, and 51 Flinders Lane Melbourne, currently underway.

THE GPT GROUP | 2022 INTERIM RESULT 18

Carbon neutral leadership

All new office developments upfront embodied carbon[1] neutral

• » 51 Flinders Lane will be GPT’s first Office development to be upfront embodied carbon[1] neutral and certified on completion through Green Star and Climate Active

Upfront embodied carbon[1] neutral development pathway

Operational carbon neutral pathway

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Measure Reduce and eliminate Energy Use of Electrification of
efficiencies renewable heating & improved
Embodied carbon Identify efficiencies in electricity refrigerants
inventory, targets design, construction
and performance practices, materials and 49% 38% 2% 100%
metrics products
= 89% of emissions [2] eliminated
GWOF’s
operational
portfolio
certified
carbon
Support restoration of 1,100 hectares of Australian biodiverse native koala habitat in partnership with
neutral
Greenfleet and the Traditional Owners for permanent removal of residual carbon emissions from
Offset residual
Agenda since 2020
development pipeline and existing operating assets
emissions
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1. As defined in World Green Building Council Report, “Bringing embodied carbon upfront”, 2019. 2. Against the baseline of 2005 emissions intensity.

THE GPT GROUP | 2022 INTERIM RESULT

19

Office portfolio strategy and outlook

Continuing to prioritise Sustainability

• » GPT’s commitment to sustainability provides a competitive advantage

• » High ratings of 5.8 star NABERS Energy[1] , GWOF is carbon neutral since 2020, GPT by 2024

• » All new Office developments to be upfront embodied carbon[2] neutral

Positioning for growth

• » GWOF has grown to $10.1b in assets and is well positioned with low gearing of 18.8%

• » Development pipeline has further expanded to $5.5b, providing the opportunity to create next generation assets and enhanced returns

Outlook

• » Significant investment has been made across the portfolio to create distinct and desirable places for our customers

• » Our space products respond to our customers’ needs and provide them with the flexibility they desire

• » Our space offering and our customer centric approach will support a successful second

• Agenda half of leasing

8 EXHIBITION STREET, MELBOURNE

1. 5.8 stars with GreenPower, 5.2 stars without GreenPower.

2. As defined in World Green Building Council Report, “Bringing embodied carbon upfront”, 2019.

THE GPT GROUP | 2022 INTERIM RESULT 20

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Logistics
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Interim Result 2022

Logistics overview

14.0%

$ 92.2 m

Segment contribution[1] up 22.4%, comparable growth of 2.4%

12 month Total Return[3]

98.7 %

4.09 % Weighted Average Capitalisation Rate

Portfolio Occupancy

GQLT 50% of $2b commited[4] $ 1.0 b DevelopmentPipeline[4,5] $ 1.9 b

Weighted Average 6.2 Lease Expiry yrs

Total Leasing[2] 228,000[sqm]

1. Includes post balance date activity, acquisitions yet to settle and pipeline.

2. Includes share of Funds Management net income. 2. Includes Signed Leases and HoA on 100% area basis. 3. Investment portfolio total return is calculated as net income and revaluation movement divided by property book value, compounded monthly for a rolling 12 month period.

3. Estimated end value of underway and pipeline projects on an AUM basis, inclusive of GQLT share.

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50 OLD WALLGROVE ROAD, EASTERN CREEK, NSWADDRESS, STATE
THE GPT GROUP | 2021 ANNUAL RESULT
THE GPT GROUP | 2022 INTERIM RESULT 22
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Logistics portfolio of $4.6b, executing on growth strategy

Development

• » Two development completions delivering a yield on cost of 5.6% and four developments underway[1]

• » Replenishing land bank, GQLT secured 35.2 hectares in Epping in Melbourne’s north

• » Development pipeline of $1.9b across the eastern seaboard[1]

Development Completions[1] $69m

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100 Metroplex Place, Wacol, QLD Completed June 2022 Fair Value[1 ] $45.4m | GQLT (GPT 50.1%)

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143 Foundation Road, Truganina, VIC Completed July 2022 Fair Value $23.4m | GPT 100%

Funds Management

• » GQLT $2b partnership with QuadReal progressing well with $1b committed

• Eastern seaboard focus

• Targeting development and value-add opportunities

Fund-through Completions[1] $196m

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18 Gorrick Court, Bundamba, QLD Completed May 2022 Fair Value[1 ] $42.5m | GQLT (GPT 50.1%)

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1 Hurst Drive, Tarneit, VIC Completed June 2022 Fair Value[1 ] $153.5m | GQLT (GPT 50.1%)

1. Reflects AUM, includes GQLT share.

THE GPT GROUP | 2022 INTERIM RESULT 23

Tailwinds driving occupier take-up

• » Demand driven by Transport (35%) and Retail Trade (26%) user groups[1]

• » Significant proportion of market leasing enquiry from expanding occupiers

• » Strong market rental growth with tightening vacancy rates nationwide

					Perth	Perth
	Sydney	Melbourne	Brisbane	Adelaide	Perth
Average VacancyRate2	0.3%	1.1%	1.4%	0.9%	0.5%

Trends impacting the Logistics market

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Investment in the supply chain to ensure efficient movement of goods

Building resilience with higher inventory levels

Omnichannel retail and continued e-commerce growth

Increasing use of automation and robotics

Growing consideration of ESG in real estate decision-making

1 HURST DRIVE, TARNEIT, VICADDRESS, STATE THE GPT GROUP | 2021 ANNUAL RESULT THE GPT GROUP | 2022 INTERIM RESULT 24

1. JLL Research, 1H 2022. 2. CBRE Research, 1H 2022.

Strong leasing and rent growth

• » High occupancy of 98.7% and WALE of 6.2 years

• » Total leasing of 228,000sqm[1 ] with 108,000sqm in developments (2021: 182,300sqm)

• » 2022 speculative development leasing outpacing rent expectation at construction commencement by ~9%

• » Capturing market rental growth in phased developments:

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||||
|---|---|---|
|Gateway Logistics Hub, Truganina|Year 1 Net Face Rent|
|25 Niton Drive (PC 2021)|$80.00/sqm|
|2 Prosperity Street (PC 2021)|$82.50/sqm|+19%|
|24A/B Niton Drive (underway)|$95.00/sqm|

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1. Includes Signed Leases (149,700sqm) and HoA (78,200sqm) on 100% area basis.

Key Leasing YTD 2022

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40,700sqm 29,900sqm Austrak Business Park Rosehill Business Park Somerton, VIC Camellia, NSW 15,100sqm 8,800sqm Wembley Business Park (Stage 3) 100 Metroplex Place Berrinba, QLD Wacol, QLD 13,600sqm 13,700sqm Gateway Logistics Hub Gateway Logistics Hub (24A Niton Drive) (24B Niton Drive) Truganina, VIC Truganina, VIC

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2 PROSPERITY STREET, TRUGANINA, VIC
THE GPT GROUP | 2022 INTERIM RESULT 25
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Driving sustainability outcomes

GPT leads the way with certified upfront embodied carbon[1] neutral logistics development

• » 143 Foundation Road, Truganina is Australia’s first upfront embodied carbon[1] neutral logistics development certified by the Green Building Council of Australia and Climate Active

How we deliver

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Measure and Reduce and Offset residual target eliminate emissions

Future proofing for transition to a low carbon future

• » Developing efficient buildings and installing rooftop solar

• » Strong engagement with customers of existing facilities to install on-site solar

• » Both development completions designed and built to achieve 5 Star Green Star ratings

• » Future proofing developments for onsite battery storage and electrification of vehicle fleets

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143 FOUNDATION ROAD, TRUGANINA, VICADDRESS, STATE
THE GPT GROUP | 2021 ANNUAL RESULT
THE GPT GROUP | 2022 INTERIM RESULT 26
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1. As defined in World Green Building Council Report, “Bringing embodied carbon upfront”, 2019.

Future growth through build-out of $1.9b pipeline

• » Targeting an average yield on cost of >5.25% for developments, strong rental growth offsetting higher construction and funding costs

• » Two completions due 4Q 2022 with a further two speculative developments underway

• » Progressing planning milestones for pipeline, with planning approvals for Yiribana East expected in 2H 2022

» Progressing planning milestones for pipeline, with planning approvals for Yiribana East expected in 2H 2022	» Progressing planning milestones for pipeline, with planning approvals for Yiribana East expected in 2H 2022	» Progressing planning milestones for pipeline, with planning approvals for Yiribana East expected in 2H 2022	» Progressing planning milestones for pipeline, with planning approvals for Yiribana East expected in 2H 2022	» Progressing planning milestones for pipeline, with planning approvals for Yiribana East expected in 2H 2022	» Progressing planning milestones for pipeline, with planning approvals for Yiribana East expected in 2H 2022
Suburb State GPT Ownership (%) Underway (sqm) Pipeline (sqm) Estimated End Value ($m) Estimated Timing 2022 2023 2024 2025+
	Suburb State GPT Ownership (%) Underway (sqm) Pipeline (sqm) Estimated End Value ($m) Estimated Timing 2022 2023 2024 2025+
		2022	2023	2024	2025+
	GatewayLogistics Hub Truganina VIC 100 27,200 31,600 135
	BoundaryRoad Truganina VIC 100 128,200 255
	EppingEstate Epping VIC 50 134,400 330
	Austrak Business Park Somerton VIC 50 121,300 100
	Yiribana Logistics Estate - East Kemps Creek NSW 100 182,000 600
	Yiribana Logistics Estate - West Kemps Creek NSW 50 38,900 140
	Pembroke Road Minto NSW 50 19,500 25
	WembleyBusiness Park Berrinba QLD 100 21,800 50
	Coulson Street Wacol QLD 50 17,500 40
	CrestLink Business Park Crestmead QLD 50 40,000 95
	Apex Business Park Bundamba QLD 50 11,600 48,500 150

All estimated end values on AUM basis, inclusive of GPT and GQLT share. Lettable areas subject to authority approvals.

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YIRIBANA LOGISTICS ESTATE (ARTIST’S IMPRESSIOADDRESS, STATE N)
THE GPT GROUP | 2021 ANNUAL RESULT
THE GPT GROUP | 2022 INTERIM RESULT 27
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Logistics portfolio strategy and outlook

Grow through development and funds management

• » Build out development pipeline located in key growth corridors

• » Replenish landbank to provide future growth

• » Grow logistics partnership with QuadReal

Operational excellence supporting customer success

• » Broaden relationships with our high-quality and diverse customer base

• » Build on GPT’s leadership position in ESG

• » Capture expected strong market rent growth, with half of portfolio expiring in next five years and through development leasing

Outlook

• » Global capital underweight to logistics, Sydney and Melbourne preferred markets

• » Tenant demand for prime, well-located space to continue

• » Vacancy rates to remain extremely low 2022-2023, with limited availability of zoned and serviced land

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1 WATTLEBIRD COURT, BERRINBA, QLDADDRESS, STATE
THE GPT GROUP | 2021 ANNUAL RESULT
THE GPT GROUP | 2022 INTERIM RESULT 28
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Agenda Retail

Interim Result 2022

Retail overview

5.9 %

$ 150.8 m

Segment Contribution[1] up 2.9%

12 month Total Return[2]

99.3 %

4.98 %

Weighted Average Capitalisation Rate

Portfolio Occupancy

Total Specialty Sales Growth 11.6 % on 1H 2021 Total Specialty Sales Growth on1H 2019 6.5 %

$ 9,593 psm

Specialty Sales Productivity[3]

405

6.5 %

Leasing Deals Completed

1. Includes share of Funds Management net income.

2. Investment portfolio total return is calculated as net income and revaluation movement divided by property book value, compounded monthly for a rolling 12 month period.

3. Specialties <400sqm.

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MELBOURNE CENTRAL, VIC
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THE GPT GROUP | 2022 INTERIM RESULT 30
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UniSuper mandate

• » Four Retail assets

• Karrinyup Shopping Centre, WA

• Marrickville Metro, NSW

• Dapto Mall, NSW

• Malvern Central, VIC

• » Direct benefits of scale with 40% increase to Gross Lettable Area under GPT management

• » Highly complementary to GPT’s portfolio of regional and super regional assets with the ability to leverage tenant relationships across an additional 500 stores

• » Management to commence 1 September 2022

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KARRINYUP SHOPPING CENTRE, WAArtist’s impression
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THE GPT GROUP | 2022 INTERIM RESULT 31

Leasing momentum continues

• » Strong occupancy with high levels of deal activity and tenant retention

• » 76 new brands introduced to the portfolio

• » Average lease term of 4.6 years all with fixed base rents and annual increases

• » Leasing tailwinds anticipated for remainder of 2022

» Leasing tailwinds anticipated for remainder of 20	22
	6 months	12 months
	to	to
	June 2022	Dec 2021
Deals Completed	405	561
Portfolio Occupancy1	99.3%	99.1%
Retention Rate2	72%	73%
Average Annual Fixed Increase2	4.4%	4.3%
Average Lease Term2	4.6 years	4.3 years
Leasing Spreads2	(4.9%)	(8.5%)
Holdovers as % of Base Rent1,2	5.9%	6.5%

~~Agenda~~

MELBOURNE CENTRAL, VIC

1. As at period end. 2. Specialties < 400sqm.

THE GPT GROUP | 2022 INTERIM RESULT 32

Centre sales growth

• » Strong 1H 2022 trading despite Omicron disruptions in early 2022

• » Total Centre sales up 11.5% on 1H 2021 and up 2.9% on 1H 2019

• » Growth in Total Centre sales on 1H 2021 driven by Fashion (+13.1%); all retail categories up except Discount Department Stores stable off a high base

• » Total Specialty sales up 6.5% on 1H 2019, driven by Fashion and Tech & Appliances

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Sales
(Monthly Growth)
1H 2022 vs 1H 2021 34.2%
31.0%
13.5% 13.5%
10.9% 10.9% 10.9% 10.7% 11.5% 11.6%
8.7% 8.6%
-4.0% -5.1%
Jan-22Jan Feb-22Feb Mar-22Mar Apr-22Apr May-22May Jun-22Jun 1H22 v 1H211H22 v 1H21
Total Centre Total Specialty
1H 2022 vs 1H 2019
13.2%
9.2% 9.6% 9.1%
7.8%
6.0% 6.1% 6.5%
4.9%
3.0% 2.8% 2.9%
-6.4%
-8.7%
Jan-22Jan Feb-22Feb Mar-22Mar Apr-22Apr May-22May Jun-22Jun 1H22 v 1H19
Total Centre Total Specialty
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THE GPT GROUP | 2022 INTERIM RESULT

33

Sales growth by category

• » Retailers across the portfolio performed well over most categories on the prior corresponding period

• » Melbourne Central (+36.9%), Highpoint (+21.4%) and Rouse Hill (+9.1%) were among the highest growth centres driving firm results

• » Cinemas and Travel Agents (Other Retail) contributed to lifting Total Centre sales growth and accelerating to reach pre-COVID levels (+9.5% excl. Other)

Sales Growth by Category (1H 2022 v 1H 2021)

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89.3%
56.1%
15.4% 14.9%
14.0%
13.1%
11.5% 11.6%
10.2%
7.8% 8.7% 8.3% 7.5% 6.8%
4.5% 4.8%
0.0%
Total Centre Department Store Discount Dep't Store Supermarket Cinemas Other Retail Total Specialty Health & Beauty Dining Retail Services Fashion General Retail Leisure Tech and Appliances Food Retail Homewares Jewellery
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THE GPT GROUP | 2022 INTERIM RESULT 34

Melbourne Central delivering new retail experiences

• » Delivering customer experiences through new concepts such as Monopoly Dreams (opening late 2022)

• » Continued investment in flagship and CBD stores from new and on-trend brands

• 1H 2022 openings include LEGO, rebel, Glue and Guess

• » New stores from Lush, CK, Fine Day, All Kinds and Under Armour in 2H 2022

• » Sales per square metre near pre-COVID levels while yet to benefit from a return of office workers and tourists to the CBD

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THE GPT GROUP | 2022 INTERIM RESULT 35

Retail and mixed-use development focus

Rouse Hill Town Centre

Highpoint Shopping Centre

• » Mixed-use expansion targeted to commence early 2023

• 10,800sqm incremental retail, with 41 specialties, four mini majors including Pavilion-fronting new Town Green

• » Master Plan includes 70,000sqm incremental retail, 148,000sqm office and 3,000 apartments

• » Development Applications to be lodged 4Q 2022

• 218 residential apartments across four buildings

• Residential Stage 1: 240 apartments

• » Advancing Master Planning 6.8 hectare Northern Precinct – commercial, health and residential uses

• Commercial Stage 1: 18,000sqm GFA

• » Opening of new Coles in 4Q 2022 and Waterman’s co-working space in 1H 2023

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Rouse Hill Town Centre – Pavilion Building and Town Green

Highpoint – Future Urban Village Master Plan and Stage 1 Commercial

THE GPT GROUP | 2022 INTERIM RESULT 36

Retail portfolio strategy and outlook

Leadership in ESG

• » Our priorities – carbon neutral and nature positive

• » Chirnside Park Smart Energy Hub

Growing Funds Management

• » GPT Wholesale Shopping Centre Fund positioned to take advantage of future opportunities with low gearing of 13.2%

• » Management of UniSuper mandate to commence September 2022

Outlook

• » Retail market has adapted to live with COVID

• » Melbourne Central recovery expected to continue throughout 2022

• » High household savings and low unemployment should soften the impact of interest rate increases

• Agenda

• » Retail sales growth expected to moderate from current high levels

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CHARLESTOWN SQUARE, NSW
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THE GPT GROUP | 2022 INTERIM RESULT 37

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Agenda Outlook and 2022 Guidance

Interim Result 2022

Outlook and 2022 Guidance

Outlook

• » Economic conditions expected to moderate in next 12 months as interest rates rise to curb inflation

• » Higher interest rates present a headwind to earnings and may lead to a softening of valuation metrics

• » Retail portfolio well positioned with high occupancy, fixed rental increases and ongoing tenant demand

• » Improvement in Office leasing volume expected in 2H 2022 as our portfolio benefits from the ‘flight to quality’

• » Structural tailwinds, low vacancy and limited supply will drive sustained market rent growth in logistics

• » Development pipeline with an estimated end value of $8.1b provides organic growth opportunities for GPT and managed funds

• » Management of UniSuper mandate to commence September 2022

Guidance

• » GPT expects to deliver 2022 FFO of approximately 32.4 cents per security and a distribution of 25.0 cents per security for the full year

• Agenda

• » GPT has a strong balance sheet, a high quality diversified portfolio, and an experienced management team focused on creating long term value for securityholders

550 BOURKE STREET, MELBOURNE THE GPT GROUP | 2022 INTERIM RESULT 39

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Agenda

Interim Result 2022

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 2022 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 2022. 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, Office and Logistics divisions include The GPT Group’s weighted interest in the GPT Wholesale Shopping Centre Fund (GWSCF), the GPT Wholesale Office Fund (GWOF) and the GPT QuadReal Logistics Trust (GQLT) respectively.

THE GPT GROUP | 2022 INTERIM RESULT 41