GPT GROUP — Investor Presentation 2005

Jun 1, 2005

Slide 1

$\sim$

$\bar{\beta}$

$\hat{\mathcal{A}}$

$\hat{\mathcal{A}}$

$\mathcal{A}^{\mathcal{A}}$

GPT

$\bar{z}$

GPT

$\mathbb{Z}^2$

Asset sales to Westfield

• Followed discussions with all parties
• Needed for 'alternative' to Stockland
• Asset sales
• Above independent valuations
• Top of Australian property cycle
• Capital reinvested for higher return
• Creates VALUE for internalisation

GPT

$\mathcal{A}^{\mathcal{A}}$

$\mathcal{A}^{\mathcal{A}}$

$\mathcal{L}^{\pm}$

$\sim$ $\sim$

Slide 14

$\mathbf{r}$

$\sim$

$\mathcal{L}^{\pm}$

$\sim$

$\bar{z}$

$\hat{\mathcal{L}}$

Slide 18

$\mathcal{A}$

$\bar{z}$

$\mathcal{A}$

$\ddot{\phantom{0}}$

$\sim$