GPT GROUP — Investor Presentation 2004

Apr 28, 2004

Meeting of Unitholders 29 April 2004

Donna Byrne Investor Relations Manager

Richard Longes Chairman

Nic Lyons Chief Executive Officer

Key Adhievements

• Earnings growth of 5.6%
• Increase in distribution to 21.2 cents per unit
• Strong underlying performance
• Major redevelopments completed and others commenced
• Entry into masterplanned urban communities sector

Secure & Growing Farnings

	2000 2001 2002	2004
Earnings (cpu)	19.3 19.7 20.4	21.6
Earnings Growth (%) 296 21% 36% * Includes impact of change in fee		m 69/k
Distribution (cpu)	19.3 19.7 20.4	21.2
NTA per unit	\$2.53 \$2.58 \$2.60	\$2.73

March Quarter Districution

• Distribution of 5.4 cents per unit $\bullet$
• GPT Split Income 4.725 cents per unit
• GPT Split Growth 0.675 cents per unit
• Record date 10 May
• Distribution paid 24 May $\bullet$

Returns Commensure tehwih Index

GPT LPT index

H.

Signe Balence Shase

• Total assets \$7.7 billion
• Gearing within policy range (20-30%)
• Borrowings
• Varied maturity profile
• Current effective interest rate 6.01%
• S & P ratings

Michael O'Brien Fund Manager

Portolo@onoositon

Value \$7.6 billion

Retail Portfoliot

Retail Portfolio

• Increased income by 11%
• Solid performance across Portfolio
• Strong specialty productivity
• Strong revaluations
• Homemaker portfolio demonstrating growth
• Portfolio in great shape to deliver growth
• Total centre MAT up 2.9%
• Occupancy costs low
• Strong development pipeline

Homanakar Strategow Daiwaring

• Income up 18.8%
• Rental growth 8.7% at review (6 months to Dec)
• Occupancy remains high at 99%
• Portfolio grown to \$460 million
• Epping & Stage 2 Fortitude Valley
• Potential expansions
• Rouse Hill Regional Centre
• Positive valuations
• Actively pursuing opportunities

Retail Development Pfoafne

	2002	2003	2004	2005	2006	2007	2008
Floreat Forum	\$48M
Erina Fair	\$106M
Melbourne Central Fortitude Valley		Kanadian Sepanjang Ba
Macarthur Square			S80M*					Complete
Penrith Plaza				\$130M*
Rouse Hill Regional Centre				\$300M*				Planned *Approximate value
Charlestown Square								& timing
Chirnside
Wollongong
Sunshine Plaza	\$20M

TA.

Erina Fair

• \$212m expansion (\$106m GPT 50% share)
• Expansion included
• Town Square restaurants
• Leisure facilities ice rink, gymnasium
• Community facilities library, community & youth centres
• Additional retail fashion, food & homewares
• Completed ahead of schedule
• Trading very well
• Year 1 Yield of 8.5%+

Erina Fair

Erina Fair

7

...

Ethe Fair

W.

Melbourne Central

1020

ritter

Meloourne (eenire)

• 90% of base rent committed
• First stage (90 new retailers) now open
• On track for completion end 2004
• Project cost \$245 million
• 8.5% initial yield

Office Pontoho

Office Portfollo

• Income up 3.8% despite weak market
• Portfolio quality enhanced
• Darling Park stage 3
• 1 Farrer Place
• National Buildings
• Refurbishments
• Occupancy remains high
• Even lease expiry profile

National Building Stage 1

4 Farrer Black

Ù,

Darling Park Stage 3

Manageable Expiry Risk

Office Lease Expiry Profile by Area

• Portfolio well positioned
• Manageable forward expiry

Hotel & Tourism Portfolto

Hotel & Toursmakeritorie

• Difficult market conditions
• Income increased by 4%
• Ayers Rock Resort
• $-$ income flat
• room rate improved
• Four Points refurbishment largely complete
• $-$ increased room rate
• $-$ income up 12%
• Medium-term outlook positive

Industrial & Business Park Portfolio

Masterplanned Urban Communites

Masterolando Urban Communites

• Entered sector in Feb 2003
• Rouse Hill to commence late 2004
• \$1 billion development
• 1,500 dwellings/lots over 10 years
• Twin Waters to commence 2005
• Cost \$20.6m (excluding acquisition costs)
• -370 dwellings/lots over 7 years
• Actively pursuing other opportunities

On Track for Continued Growth

• Portfolio quality improved
• All portfolios positioned well
• Retail developments will deliver growth
• Masterplanned communities
• Confident of ability to continue to deliver earnings growth

Richard Longes Chairman

Ken Moss

GPT