GPT GROUP — Investor Presentation 2005

Mar 20, 2005

BABCOCK & BROWN

.
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21 March 2005

ASX Announcement

GPT Investor Presentation

Please see the attached presentation, which will be shortly delivered to General Property Trust ("GPT") investors by Babcock & Brown and GPT.

Ends

Media Inquiries:

Phil Green

Michael Maxwell

David Ross

Phone: +61 2 9229 1800

About Babcock & Brown

http://www.babcockbrown.com

Babcock & Brown is a global investment and advisory firm with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments. Babcock & Brown was founded in 1977 and is listed on the Australian Stock Exchange.

Babcock & Brown operates from 18 offices across Australia, the United States, Europe, Asia and Africa and has more than 440 employees worldwide. Babcock & Brown has five operating divisions including real estate, infrastructure and project finance, operating leasing, structured finance and corporate principal investment and funds management.

Presentation

Z,

OVANIAW OTEU OPOZIT METKALANO Joint Venture Opportunites

Agence

• $\mathbf{1}$ . Rationale for the Joint Venture – Strategy and Business Plan (Nic Lyons, Chief Executive Officer - GPT)
• $\mathcal{P}$ Overview of Babcock & Brown & Global Real Estate Activities (Michael Maxwell, Global Head of Real Estate - Babcock & Brown)
• $3.$ Review of European Market Characteristics (Martin Rey, Head of European Operations - Babcock & Brown)
• Portfolio Overview & Discussion $4_{\cdot}$ (Martin Rey, Christian Terberger and Artus Pourroy – members of Babcock & Brown's German Real Estate Team)

SSSNOLL

Reitonele formacie on venius en Strategy and Business Plan

1. Rationale for Joint Venture

• GPT's objectives in reviewing alternatives por
• An independent GPT (investor choice, retain control premium) and the
• Contemporary structure (internally managed) r (bar).
  Maria Santonia (bar).
  Maria Santonia (bar).
• Immediate access to an earnings "growth engine" Section
• JV with Babcock & Brown delivers two new "growth" asset classes for GPT ABO
• $\triangleright$ Global Real Estate opportunities (10 15% of GPT's asset base)
• $\triangleright$ Real Estate Funds Management
• Powerful combination BRACK
• $\triangleright$ GPT's asset and funds management expertise
• Babcock & Brown's global asset sourcing and structuring expertise Contract Contract Contract

1. Reiforele for John Venure

Global Real Estate

• Why Global Real Estate? jer
• More attractive opportunities in strong markets Section
  • Liquidity
  • Scale and availability
  • Higher risk adjusted return
• $\triangleright$ Australian market is relatively mature

1. Rationale for Joint Venture

Proforma Example - Comparison of Australian Retail Investment by GPT & European Retail Investment by the JV

REATH REATH CLASSIC	GRZ WSKIEN BATTLES RESIDENT	Waaramananan k Mineraten	MATERIAL AND SERIES EMCHINERKS
Initial Yield	$6.0\%$	6.0%	$-7.5%$
Escalation (pa)	3.0%	2.0%	2.0%
Gearing Level	$35\%$ (2)	$70\%$ (3)	$70\%$ (3)
Cost of Debt	6.25%	4.5% $^{(4)}$	4.5% $^{(4)}$
Tax on Equity Yield	.0%	$20\%$ (5)	$20\%$ (5)
Average 5 Year Equity Yield (6)	6.4%	8.3%	12.4%
IRR Excluding Currency Hedging	9.6%	12.5%	16.3%
IRR Including Currency Hedging	N/A	15.6%	19.7%

• (1) Proforma GPT investment
• (2) Assuming GPT average gearing level
• (3) Average gearing level for JV investments non recourse
• (4) Indicative five year non recourse borrowing rate including margin
• (5) Average global effective tax rate assumed in JV model
• (6) Average over five years assuming rent escalation

Key Elements - JV Business Model

The overall strategy is to build a portfolio with a diverse range of standing assets with long term, secure cashflows and development projects.

Look for the market with the best risk adjusted returns (targeting minimum 15% IRR)

The Joint Venture will

• Use non recourse leverage ∕
• Use appropriate currency hedging ≫
• Exploit the yield to interest rate gap ∕
• Use Babcock & Brown's network of relationships to source off market transactions whenever possible

Work the Portfolio to extract upside and growth in earnings. This will include

• Trading assets by the selldown of selected parts of the Portfolio
• to individual purchasers
• to funds established and managed by the Joint Venture $\frac{1}{2}$
• Active management in 1976.
  Seria
• ∕ Regearing on a non-recourse basis against increased value

1. Rationale for Joint Venture

Financial Impact and Benefits for GPT

$\bullet$ $\bullet$ oyata WALLER COMMAND
DPS stand alone (c) 22 S 23 6
DPS post internalisation/JV (c) 24.4 27 S.
% increase (vs standalone) $6.5\%$ :16.5%
% growth (year on year) .8% 12.7% 10.9%

(1) Actual distribution, not annualised. Assumes proposal effective 1 July 2005

• DPS growth of $6.6\%$ CY2006 vs 2HCY2005 annualised $(2)$ SAR
• DPS 12 months to 30 June $2006 = 26.7$ cps Second
• No material change in NTA \$3.00 vs \$3.02 Second
• Proforma December 2004 GPT gearing post transaction 31.3% BREE

(2) Annualised for the impact of the internalisation and joint venture

Section 2

OVONIEW OI BEROOK & BIOWIK Global Real Estate Adivites

2. Overvew of Baboock & Brown

• SERVICE Babcock & Brown is a listed company with a market cap of approximately A\$2.5 billion
• Geographically business is spread approximately one third in each of ABON
• $\triangleright$ Europe

• USA

• Australia/Asia/Japan

• Five business units CONTRACTOR
• Real Estate ≫
• Infrastructure
• Corporate and Principal Investment .
  P
• Leasing ≫
• $\triangleright$ Structured Finance
• Real Estate represents $20 25%$ of overall business Service
• All businesses built on "asset finance" skills
• Have worked across borders for a long time

Global Reach; Local Presence

Number of Real Estate Professionals (excluding funds management, asset and transaction Management)

Babcock & Brown Offices

• نتفر The Real Estate Team has access to and is supported by B&B's global network of over 440 employees
• ्रें From these locations and our offices around the world, the team can cover many markets

2. Overview of Babcock & Brown

The Babcock & Brown Team

• Our Real Estate team is made up of personnel in each market who ABR
• Originate transactions .
  Britannia
• .
  F Have local knowledge, relationships at all levels of the market
• Are multi disciplined, skills greater than pure real estate (including accounting, tax, legal and finance)
• .
  Kalendar Source properties in direct and indirect markets
• We are experienced in por
• .
  K All sectors (retail, office, residential, industrial)
• Development ≫
• Property financing and structuring ≫
• Disposal/selldown of properties
• Funds management D

• Risk-adjusted IRR is the chief investment criterion BREE
• Focus on the returns of the investment, rather than the appearance of the asset je
• See Cashflows underpin base case performance of the asset with opportunity for upside
• Exploit imperfections in the property market por
• por Use structured finance capabilities to improve financing costs, enhance funding efficiency and mitigate risks eg, use of maintenance contracts to convert gross leases to double or triple net leases
• Service Use of mezzanine debt investment as window into development projects where we maintain our desired balance of risk and return
• Plan for exit at time of investment jor
• Culture of working in partnerships, providing a ready environment for a Ser partnership with GPT

SSSite RAYAYAYA TERDESE NERKSKOREN BRIGS

Attributes of European Markets

• Size of the market BRAN
• Political and legal framework, stable, secure (similarities to Australia) BRAN
• Sophisticated financial markets por
• BRAN Central Eastern Europe ("CEE") potential
• Availability of property por
• Liquidity of property market BRAN
• Low Euro interest rates por

Global GDP Ranking Table

g ang ang pagpalang ang pagpagayan Dinamanggang ang managpag	Treng	GDZUSSOD	Longhtonam a
USA		10,881.6	291
Japan		$-4,326.4$	127.6
Germany	W	24006	825
United Kingdom	Z.	1.7948	59.6
France	b	1747 9	59.8
Italy	ß	14658	47 S
China		1,409.8	1,299
Spain	B	836.1	At S
Canada	-9	834.4	31.6
Mexico	10	626.1	102,7
Republic of Korea	11 5	605.3	47.9
India	12.	598.9	1,065
Australia	13.	518.4	19.9
Netherlands	14	511.6	16.2
Brazil	15	492.3	178.5

• ≫ The highlighted countries are in aggregate 15.9 times the size of Australia's economy
• ≫ The population is more broadly distributed than in Australia – 46 cities in Europe with over 500,000 people

Principal Real Estate Markets

$\geqslant$ Size of European market combined with low level of listed real estate in Europe provides significant opportunity

	a tangguna ng mga mga mga mga mga EVEREE BILDEN	Michard Room ESAIGURYON	TERRIT EXPLOSIVE PROPERTY ALES HIM CONTROLLED A	ZASTORIATORIA	Washindorying Real 1999 - 1999 - 1999 - 1999 - 1999 - 1999 - 1999 - 1999 - 1999 - 1999 - 1999 - 1999 - 1999 - 1999 - 1999 - 1999 Demografia
United States		2.525	-295.
Europe (without CEE)	26%	$2.000 -$	130	1 5%
Japan	2%	7US.
HK/China		540.
Australia		100.	$-45$	.9%	45%
Total	100%	5,870	596	3%	10%

Note: The level of listed property is expected to increase through introduction of REIT's in several European countries

3. Review of European Market Characteristics

Investment Outlook - "Positive Spread" Overseas

• (1) Institutional grade real estate
• (2) Five year swap rates indicative at 21 March 2005 (excluding lending margins)

Source: Babcock & Brown

Section 4

Geographic Spread of Initial Portfolio or Under Consideration

Residential Portfolio

Overview of German Residential

• j An established investment class
• Institutional ownership (private equity funds, European open and closed end funds) ≫
• Established trading metrics .
  P
• $\triangleright$ Availability of limited recourse debt
• Second Continuing deal flow (corporates and state owners continue to sell down portfolios to get assets off balance sheet)
• pp Underpinned by strong fundamentals
• $\triangleright$ Low home ownership 43%
• Affordable rents ≫
• $\triangleright$ Capital values well below replacement costs
• $\triangleright$ High quality stable income from long term tenants

Major German Residential Transactions in the Last Three Years

553.93	MORTING ACTIVE
Allianz AG	1,048
AMB Generali*	2,700
Bauverein zu Hamburg	6,000
Bavaria	3,500
GIG Heimbau AG.	10,000
Brebe	7,000
DAL Kiel *	6,000
DEGEWO.	$-2,085$
DEGEWO	1,500
Deutsche Bahn AG	144,000
FSG	10,000
GAGFAH	77,000
GEHAG.	$-2,360$
GeWo	:2,600
GSW .	65,700
GWL.	-1,800
Jade Wobauges	8,209
Kieler Wobauges.	11,000
Monachia :	1,500
Opel/GM $\phi_{\sigma}$ , $\phi_{\sigma}$	1,000
Deutsche Post AG	.1,300
DAL Salzgitter *	13,500
RSE …	38,000
Siemens AG	2,300
Thyssen Krupp AG	48,000
Viterra AG	$-27,000$
Viterra AG	$-1,200$
Total (Approx)	500,000	23

GENERAL PROPERTY TRUST

• Buyers are predominantly Investment Banks College College College College and Private Equity Funds
• $\triangleright$ Cerberus $\triangleright$ Terra Firma $\triangleright$ Fortress Goldman Sachs BRAN Morgan Stanley Appellas/Soros BRACK $\triangleright$ Lone Star por Blackstone
• $\triangleright$ Babcock & Brown*
• Transaction volume of over €15 billion ≫

* Acquired by Babcock & Brown

BABCOCK BBKOWN

Overview of German Residential

• Nation of predominantly renters, rather than home owners je
• The number of households is expected to grow over the next 15 years Second

Source: German Federal Statistical Office

Overview of German Residential

• Babcock & Brown's approach por
• $\triangleright$ Focus on management improvements with a "tenant friendly" asset management model. This is vital. We have a proven team in place
• $\triangleright$ Structure acquisitions so portfolio can be held for long term. Consider trading opportunities to crystallise uplift on capital value per $m²$ (ie, buy wholesale, sell retail). This model proven in our Kiel transaction
• $\triangleright$ Consider creation of either Australian or European Trust as sell down vehicle. German Funds are keen to pursue this mode
• $\triangleright$ Capex to reduce vacancy and increase rent. We do not pay for vacant apartments. Reduction in vacancy goes straight to bottom line circa 10% unleveraged return on capex on occupied units, huge return on converting vacant to occupied
• $\triangleright$ To look below the "radar screen" of the very large scale buyers

Overview of German Residential

AMB Generali - Kassel

Kiel

Predominantly low rise buildings ABP

Significant Upside Potential - Residential Portfolios

• BRAN Incremental capital expenditure can achieve an unleveraged return of circa 10% on occupied flats for bulk of initial portfolio
• Reducing vacancy provides quantum uplift par
• $\ge$ eg, Salzgitter target is to lease up 1,200 vacant apartments (approximately half of the existing vacancies) which increases rent by approximately $64.5$ million - this represents an uplift in value conservatively in excess of $€45$ million (on equity of approximately €90 million). In that case, yield on cost on entire portfolio approaches 10% unleveraged
• Upside in rents as a result of reducing vacancies and accretive capital j expenditure have not been factored into forecasts
• These initiatives do not depend on improvements in market conditions BRAN

German Residential - Kiel Case Study

• 6,000 residential units (94% occupancy) Brit
• €175 million Portfolio (including acquisition costs) je
• €165 million, 80% funded for 10 years at fixed interest rate funding (€132 j million $1^st$ mortgage, $\epsilon$ 33 million mezzanine)
• 4,600 units have been sold for total consideration in excess of $\epsilon$ 150 million por
• .
  Str The remaining 1,400 units have the best upside

German Residential - Kiel Case Study

• Strong demand by institutions meant it was possible to sell subportfolios jor instead of individual units to tenants/small time investors (second alternative)
• Base case financial model at acquisition, conservative, assuming no sales and Second no rental rises (beyond CPI) for 10 years, just (substantial) paydown of principal out of cashflow
• In practice, rental income was raised by approximately 5% across the original por portfolio within one year, significantly outperforming Babcock & Brown's own assumptions
• jer Introduction of Joint Venture Partner as entrepreneurial Property Manager proved vital success factor vs the former "absentee" corporate owner/manager

Residential Portfolio

City of Salzgitter

Salzgitter Property

Salzgitter Portfolio (initial portfolio)

Location: City of Salzgitter, North Western Germany Asset Type: Residential Apartments Purchase Price*: €290m Initial Yield: Approx 8.4% pre-capex. 6.6% (on leased premises only) maintenance, modernisation and repairs. 84.5% Occupancy: Characteristics: 13,476 residential apartments representing approximately 25% of the city's housing stock. Largely constructed in the 1950's and 1960's as part of the social housing schemes. Market Description: 1 and 2 bedroom apartments; at market rental of circa €4/sqm/month. Investment Strategy: Reduce the vacancy level (immediate uplift considering moderate capex). Consider opportunities to sell down sub-portfolio to wholesale buyers.

* Indicative purchase price, subject to valuation. Exclusive of acquisition costs

after

Kiel Portfolio (initial portfolio)

Location:	Northern Germany (Eastern Kiel).
Asset Type:	Residential Apartments.
Purchase Price	€40.0m plus a further €2m capex (total €42m).
Initial Yield:	Approx 6.5% pre-capex.
	6.01% on $\epsilon$ 42m (on leased premises only) maintenance, modernisation after and repairs.
Occupancy:	88%.
Characteristics:	1,400 residential apartments.
Market Description:	Predominantly built in 1930's, 1 and 2 bedroom apartments with at market rents of approximately €4-5/sqm/month.
Investment Strategy:	Reduce the vacancy level (immediate uplift considering moderate capex). Consider opportunities to sell down sub-portfolio to wholesale buyers.

* Indicative purchase price, subject to valuation. Exclusive of acquisition costs

AMB Generali Portfolio (initial portfolio)

Location: Asset Type: Purchase Price*: Initial Yield: Occupancy: Characteristics: Market Description: Investment Strategy:

Western Germany

Residential Apartments

$€130m$

Approx 6.5% pre-capex

(on leased premises only) after 6.1% maintenance, modernisation and repairs.

Approx 95%

2,700 residential units in 9 cities throughout Western Germany.

Tenants are predominantly longer term occupiers in most locations.

Producing an average all in net rent of €4.68sqm/month at market.

A diversified portfolio of well maintained properties.

Hold with scope for selective disposals of sub-portfolios to wholesale investors.

* Indicative purchase price, subject to valuation. Exclusive of acquisition costs

Berlin Mixed Use I - Annenhöfe (under consideration)

Location: Asset Type:

Indicative Value: Occupancy:

Characteristics:

Market Description:

Investment Strategy:

Berlin, Germany

Approx 4 years old. Mixed Use Property (Residential, Commercial, & associated Carparking).

€26m

There is only little vacancy (approx 3.5% average) in the residential part of the property. There is vacancy in the commercial space - which is part of the asset upside. Purchase price will reflect only the leased up area.

219 residential units equalling approximately 13,000m². Good quality building standard.

45 retail and office units; retail space including Edeka Hypermarket $(1.775m^2)$ totals 3,500m² office space, largest tenant Daimler Chrysler $(1,200m^2)$ totals 5,700 $m^2$ .

Good residential and retail area in the centre of Berlin, less established but central location for offices.

Reduce vacancy of office component. Privatisation of residential portion block-wise or individually to small and medium investors.

Berlin Portfolio II (under consideration)

Location:	Berlin (multiple
Asset Type:	Residential Apa
Indicative Value:	€30m
Occupancy: Occupancy	To be determine
Characteristics:	250 renovated residential) in Capital renteo average.
Market Description:	Up-scale buildi city.
Investment Strategy:	Sell down to te disinvestment o

locations across the portfolio) artments + Retail + Office

ed within due diligence.

or rather new units (mostly better parts of the German
d at $\epsilon$ 11/m²/month (net)

ings in different parts of the

enants/small investors primary pportunity.

Berlin Mixed Use III (under consideration)

Location: Asset Type: Indicative Value: Occupancy: Characteristics:

Market Description:

Investment Strategy:

Berlin, Germany

Mixed Use (Residential, Commercial, & associated Carparking)

$€42m$

Above 90%

The largest part of the portfolio was built between 1999 and 2001 with construction costs of approximately €55 million (high quality residential housing complex with shopping centre). The remaining units were built between 1925 and 1928 and were modernised and refurbished between 1995 and 1998 for €6 million.

High quality residential and retail property located in a good housing area of Berlin.

Some parts qualify ideally for privatisation to smaller investors. High probability to significantly decrease vacancy bv establishing a motivated facility management (current owner is a non-profit co-operative).

Overview of German Hypermarket/Retail

• Focus on $7.5 9.0\%$ yield retail assets that fulfil the following criteria Box
• $\triangleright$ Long term leases (average 10 years, up to 15 years) to creditworthy tenants provide stable CF for 75% of income
• $\triangleright$ Good retail fundamentals (catchment area/level of competition/ barriers to entry/net rent to gross turnover in $%$ )
• $\triangleright$ New or well maintained assets in strong catchment areas with above average per capita income
• Potential for growth (surplus area or land, rent increases) BRACK
• SPP The bulk of the outgoings are borne by the tenant. Non recoverables are in the area of 5% of net rent
• Up to 90 95% limited recourse financing available on an individual asset SEPT basis (illustrating high quality cashflow). We will only gear to 75% across portfolios
• Adequate diversification (regions/tenant mix/size) BRACK

German Retail – Munich (under consideration)

Location: Asset Type: Indicative Value: Occupancy: Characteristics:

City of Munich, Germany

Retail and Logistics

$€80m$

Above 95%

Hold.

Partly new and modernised centre centrally located at a highly frequent road in the city of Munich.

$55,000$ m² retail and storage space and some office, 650 parking spaces are included.

The main tenants are:

• Bauhaus GmbH (one of the big German do-it-yourself companies);
• Kaufhof AG (one of the main German department stores) with together 60% of the total net income; and
• Further tenants are Staples, Müller Büromöbel (office furniture).

In total the centre consists of 11 tenants.

Market Description:

Investment Strategy:

A well located development with a good tenant mix. Strong retail fundamentals are a yearly purchase power of 26,872 € per inhabitant (131.8) and fixed term leases of mostly 10 years and more. The catchment area can be seen on the following map.

German Retail - Munich (catchment area)

The map gives an overview about the catchment area to the do-it-yourself-store. The dark orange zone is directly located next to the city centre of Munich on a main road on the eastwest axis through Munich. The competitors to the "Baumarkt" are shown with blue font (Obi, Praktiker and Toom). Three of them can be identified as competitors, which is moderate in reference to the extension of the zones $I - III$ .

German Retail - Rewe Russelsheim (under consideration)

Location:	City of Rüsselsheim, West Central Germany
Asset Type:	Retail ("Hypermarket")
Indicative Value	€11.1m
Occupancy:	Fully let to REWE Group, a strong German retailer.
Characteristics:	New 5,700m2 retail centre in Rüsselsheim, a middle-size city approximately 20km from Frankfurt, Germany.
	220 car parking bays.
	Fully let to REWE Group for 15 year initial term.
	REWE Group has approximately 11,492 stores in Europe, and a net operating profit of 2004 of €442m.
Market Description:	Rüsselsheim is very well connected through several highways and high speed rail services, and is 16km from Europe's 2 nd largest airport in Frankfurt. Relatively low unemployment rate and positive demographic trend.
	The retail centre will replace an existing one at a less attractive location therefore having an existing clientship plus the upside from new highly frequented location.
Investment Strategy:	Hold

German Retail – Straubing (under consideration)

Location: Asset Type: Indicative Value: Occupancy: Characteristics:

Straubing, city 140km northeast of Munich, Germany

Retail with some office

$€48m$

Fully let

Completed in 1990 and extended in 1999. The total area is about $33.316m²$ NLA. The side has potential for development.

1,000 car parkings thereof 400 in a parking garage.

The main tenants are:

• Kaufland (retail);
• Adler-Modemarkt (retail); and
• ProMarkt (retail) with together 38% of the total net income.

The centre consists of 52 tenants.

Market Description:

A well located development near the main station with a good tenant mix and fixed long term leases (eg, Kaufland, Adler, ProMarkt).

Investment Strategy: Hold and develop surplus land.

German Retail/Commercial - Cologne (under consideration)

Location: Asset Type: Occupancy:

Cologne, Germany

Retail & Commercial

Characteristics:

$90%$

Total rental space of the retail complex ("A") is approx. $25,000m^2$ . The buildings are rented to a good tenant mix (eg, City of Cologne - 20 year lease. Praktiker (a Metro AG sister), Staples, McDonalds, Telekom, ATU, Merkur. Approximately 350 parking spaces.

The new Cologne Car Center (("B") to be completed) will be let to City of Coloane motorvehicle admission department for 20 years. This new location will replace the existing 4 facilities spread around the city. 250 parking spaces.

Market Description:

The retail centre is well located near the centre of Cologne, has good infrastructure and is directly connected to the motorway system between airport and city. The market stable with positive demographic is. development and a yearly purchasing power per inhabitant of $19.068 \in (114.8)$ .

Investment Strategy:

Hold and develop surplus area of land.

Galerie Butovice - Prague (initial portfolio)

• ⋗ Brand new centre.
• 95% precommitted, 10 minutes from Prague city. SBP
• Adjacent to office precinct and established residential areas. .
  Mari
• Good transportation links. por
• Ahold committed to 15 year lease (supermarket). Ahold occupy 70% office Second space on 10 year lease (as CEE headquarters).
• Similar design and quality to Australian subregional shopping centre. j

Galerie Butovice - Prague (initial portfolio)

Czech Retail - Galerie Butovice (initial portfolio)

Location:	6km South West of Central Prague
Asset Type:	New retail and office/commercial
Purchase Price:	€106.8m
Initial Yield:	8.0%
Occupancy:	Approx 95% income is precommitted.
Characteristics:	37,475m 2 retail NLA (Ahold supermarket $13.9412$ ).
	$9.154$ m $^2$ office/commercial NLA (70% precommitted to Ahold).
	1,377 parking spaces.
	130 tenants.
	Soft opening 18 March 2005.
Market Description:	A brand new, well located development with approximately 28% income from Ahold (15 years supermarket, 10 years office).
Investment Strategy:	Hold

German Technology Park - Cologne (initial portfolio)

• Barriage Located in fully integrated office park with wide range of tenant services within the park
• BRAN High quality tenants, long term leases
• Contemporary design and efficient floorplates jer
• Relatively low operating costs por
• Strong relationship with developer/vendor potential for repeat business .
  S^eer
• Consistent with other business parks currently under consideration j

German Technology Park - Cologne (initial portfolio)

Location: Asset Type: Purchase Price: Initial Yield: $6.2%$ Occupancy: Characteristics: Market Description:

5 km west of City Centre of Cologne, Germany's 6^th largest economic city.

Office/Technology Park

€70.6

Approx 90%

30% interest in an office/technology park comprising:

6 office buildings and 1 sales and convention centre of Mercedes Benz;

99,500m² NLA;

80% leased income from credit worthy tenants such as Daimler Chrysler, Cityworks of Cologne and Federal Republic of Germany and Ford Financial Services.

A quality portfolio of office properties underpinned by long term leases in a well situated office park.

Investment Strategy: Hold as a longer term investment.

French Business Park - Velizy (under consideration)

Location: an masara Mengguna	South Par
Asset Type:	Developm
a da Maria de Salvador (m. 1917). 1905 - Carlos García de Carlos III (m. 1920). 1916 - Carlos Carlos II (m. 1920). Occupancy:	Developm to Peugeo
Characteristics:	$60,000m^2$
rendere i San Salah TSP 36 Page t Perry and ч., i na masa na m $\alpha \ll \alpha_{\rm{max}}$ . a tanàna amin'ny faritr'i Nord-Afrika. Ny faritr'ora dia GMT+1. Ny faritr'ora dia GMT+1. $\gamma_{\alpha_{\alpha_{1}}}$	50% of Peugeot developm 25% is un Total proje
Market Description: Service Co.	A well loo Paris in : with exce 4 - 14 - 14 - 14

rís, France

ent, Office Business Park

ent site with 50% precommitment ct.

Business Park is preleased to and will form its research and ent headquarters. An additional der option to Peugeot.

ect value: €210 million.

cated development, 15km south of the second largest business area ellent road access. Peugeot has decided to concentrate its R&D activities in Velizy together with its headquarters (2 buildings already there).

Investment Strategy:

Hold for long term.

Existing facility in Business Park

French Business Park - Louviciennes (under consideration)

Location:	West Paris, FI
Asset Type:	Commercial B
Occupancy:	Development
Characteristics:	50% interest develop this la
	Site area: 242
	Project Value:
Market Description:	Situated close site has a hig

rance

Business Park

site.

with a developer to acquire and and in a prime location.

$2,000m^2$

€425m

e to the Palace of Versailles, this ghly advantageous position with Exceptional road access.

This presentation has been prepared by GPT Management Limited (ABN 94 000 335 473) (as the responsible entity of General Property Trust) (ARSN 090 110 357) and Babcock & Brown Limited (ABN 53 108 614 955). The details in this presentation provide general information only. It is not intended as investment or financial advice and must not be relied upon as such. You should obtain independent financial advice prior to making any decision. The presentation is not an offer or invitation for subscription or purchase of securities or other financial products. Past performance is no indication of future performance. March 2005

Appendix A SSISSONS

X

Michael Maxwell manages the Australian and European Real Estate teams and coordinates the Group's real estate activities worldwide. He joined Babcock & Brown in 1992. Prior to joining Babcock & Brown, Michael was an executive director of Morgan Grenfell Australia Limited where he specialised in both domestic and cross-border corporate finance transactions. He began his career as a corporate lawyer with Mallesons Stephen Jaques. Michael is a director of Grand Hotel Company Limited and the Citta Property Group. Michael holds a Bachelor of Economics and Bachelor of Laws degree from the University of Sydney. He is based in our Sydney office.

Michael has been involved in many significant real estate transactions executed by Babcock & Brown in Australia and Europe.

David Ross is the Group Chief Operating Officer of Babcock & Brown. He joined Babcock & Brown in 2004. Prior to joining Babcock & Brown, David was with Lend Lease Corporation for over 10 years where he held positions as CEO of General Property Trust, CEO of Lend Lease, Asia Pacific and Global and US CEO, Real Estate Investments. David holds a Bachelor of Commerce degree from the University of Western Australia. He is based in our Sydney Office.

Appendix Al Selected Biographies

Europe

Martin Rey is an Executive Director of Babcock & Brown and has geographic responsibility for continental Europe and co-ordinates a variety of European business activities. He joined Babcock & Brown in 2003. Prior to joining Babcock & Brown, Martin held a variety of senior management positions at HVB, most recently Executive Divisional Board Member, Corporate Banking. Martin earned a law degree at Rheinische Friedrich-Wilhelms University in Bonn and studied business at the University of Hagen. He is based in our Munich office.

Recent real estate transactions in which Martin has been involved include the acquisition of the Salzgitter, Kiel. and AMB Generali residential portfolios.

Artus Pourroy focuses on Babcock & Brown's German activities with a special emphasis on Structured Finance and Real Estate Finance. Prior to joining Babcock & Brown in 2000, Artus was Head of Lease/Asset Finance at HypoVereinsbank, Munich. Prior to that, he worked in their Project Finance Department. Artus holds a Ph.D. in Law from the Humboldt University in Berlin and a diploma in law from the Ludwig Maximilian University in Munich. He is based in our Munich office.

Artus was recently involved in the acquisition of the Cologne business park.

Christian Terberger focuses on our real estate activities in Germany and other German-speaking parts of Europe. He jointed Babcock & Brown in 2002. Before joining, Christian was National Director Real Estate Group with Ernst & Young Germany. During his professional career he has held different senior management positions in banking and real estate development. Christian's background is in law and surveying. He is based on our Munich office.

Christian was most recently involved in our residential real estate transactions in Germany (eg. Kiel, Salzgitter, and AMB Generali).