GPT GROUP — Investor Presentation 2009

Aug 5, 2009

6 August 2009

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GPT Refines Strategic Direction

The GPT Group (GPT) today announced a refined strategic direction for the diversified property group. The strategy is designed to restore shareholder confidence over time and deliver transparency, stability and security to the Group’s returns.

The strategy focuses on the active ownership of high quality Australian retail, office and industrial assets, supported by the Group’s development and management capabilities and skills.

GPT will ultimately focus totally on Australian assets, with all overseas and non-core investments exited over time.

The launch of the new strategy follows the recent GPT announcements of: the further sale of noncore assets (see 3 August announcement); changes to the Group’s management team (see 3 August announcement); and an In Specie Dividend in relation the Group’s European Joint Venture (see announcement of 31 July).

See attached for today’s presentation to the market.

ENDS

For further information please contact:

Michael Cameron Chief Executive Officer +61 2 8239 3555

Michael O’Brien Chief Operating Officer +61 2 8239 3544

Donna Byrne Head of Investor Relations and Corporate Affairs +61 2 8239 3515 0401 711 542

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Appendix

See attached

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Darling Park, Sydney, NSW

818 Bourke St, Melbourne, VIC

Notes

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90 Day Plan

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Agenda

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Other Ke Information y

Notes

• Board and management changes focused on renewal

• New CEO appointed (commenced 1 May)

• 3/7 Directors new – Rob Ferguson (Deputy Chairman), Lim Swe Guan, Michael Cameron

• New Chairman – Ken Moss

• Initial focus on restoring balance sheet

• Significant progress since 1 May 2009

• Well positioned

• Take strategy forward

• Benefit from cyclical opportunities

Scorecard Since 1 May 2009

• Re-capitalise balance sheet

• Remove covenant risk

• Remove refinancing risk

• Improve credit rating

• Progress sale of non core assets

• Meet investment community

• Exit JV with Babcock & Brown

• Establish strategy to stabilise and reinvigorate GPT

• Review capabilities / organisation design

• Senior management development plans

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Methodology

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workplace[6] , Sydney, NSW

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Competitive Strengths

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Other Ke Information y

Notes

Retail asset composition – GPT vs. listed peers

Office asset composition – GPT vs. listed peers

Source: Company reports.

Competitive Strengths – Quality High quality retail, office and industrial real estate

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Other Ke Information[(1)] y

Notes

(1) Represents assets held at 03/08/2009.

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Competitive Strengths – Diversification Australia’s highest quality diversified portfolio

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• Larger opportunity set for investment

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(1)
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• Sectors have different drivers and

• cyclical characteristics

• Broader range of development

• opportunities

• Capacity to add value to mixed use

projects / developments

• Contributes to ‘scale’

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(1) Based on December book values – Office and Retail include GPT’s interest in wholesale funds.

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Other Ke Information Notes y

Competitive Strengths – Diversification (cont) GPT’s core asset classes have different characteristics

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Other Ke Information y

Notes

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S&P/ASX 300 A-REIT Index - free float market capitalisation of constituents
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S&P/ASX 50 Index - free float market capitalisation of constituents
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Source: IRESS, 22 July 2009.

Competitive Strengths – Scale One of 3 Australian entities in top 20 global listed owners of real estate

UBS Global Real Estate Index (excluding developers)[(1)]

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12 (1) At 3 July 2009.

Other Ke Information y

Notes

• Over 57,000 investors

• Diversified investor base dominated by institutions

• 85% stock held by institutions

• Attractive to global funds / international investors

• 30% offshore

• 70% domestic

• High level of liquidity

Competitive Strengths – Scale (cont)

• Capacity to own / develop larger, higher quality assets

• Broader access to capital markets

• Diversification of income (number of assets, markets, tenants etc)

• Access to global investor base (relevance, liquidity)

• Balanced with ‘quality’ focus

• Focus on ‘better’ rather than ‘bigger’

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Other Ke Information y

Notes

• 2008 Highly Commended Hewitt Best Employers

• 82% staff engagement score

• 7.75% regretted staff turnover

• Senior Executive Committee average tenure of 11 years

• 38 year heritage (Australia’s oldest REIT)

• Created by Dick Dusseldorp (founder of Lend Lease)

• Culture focused on innovation, excellence and governance

• Results in delivery of excellence

• Award winning developments

• High portfolio occupancy

• Strong core portfolio performance

� Rouse Hill Town Centre

• 2009 PCA Rider Levett Bucknall Award – Australia’s Top Property Development

• 11 awards (national and international)

• Recognised for innovation and sustainability

� Quad Business Park

• 2008 Urban Task Force Commercial Development Excellence Award

• 2009 PCA award for Best Industrial and Business Park development

• workplace[6]

• NSW's first 6 Star Green Star Office Design V2 development

• NSW's first 6 Star Green Star Office As Built V2 development

• 2009 Banksia Award: Large Business Sustainability

Competitive Strengths – Culture Strong culture with long heritage

• 2008 Highly Commended Hewitt Best Employers

• � 38 year heritage (Australia’s oldest REIT)

• Results in delivery of excellence

• Rouse Hill Town Centre

• Quad Business Park

• workplace[6]

• 2009 Banksia Award: Large Business Sustainability

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Other Ke Information y

Notes

• Market leading focus on sustainable development

• workplace[6] one of two Australian 6 Star Green Star buildings to receive Office As Built V2 rating

• One One One Eagle Street targeting 6 Star Green Star

• Charlestown Square ecological footprint target of 30% smaller than a standard centre

� Rouse Hill Town Centre

• Opened on program and fully leased

• Annual turnover of $325 million in year one

• Target of ecological footprint 25% smaller than a standard centre (on track to achieve 32% actual)

• Waste 96% diversion from landfill

• Energy 40% saving

• 100% tenant engagement on tenancy footprint

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Other Ke Information y

Notes

Premium/Discount to NTA[(1)]

(1) Represents June 1982 to June 2009. Source: UBS.

Operating Environment

• GPT relatively well placed in current operating environment

• However, macro environment remains uncertain

• Global economy remains fragile

• Access to debt improving but expensive

• Domestic banks still overweight property

• Real estate values remain under pressure

• Effect of unemployment yet to impact

• Sector EPS growth eroded by

• Capital raisings

• High debt costs

• Deteriorating fundamentals

• GPT remains focused on ‘weathering the storm’ and being positioned to capitalise on opportunities that emerge

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Darling Park, Sydney, NSW

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Purpose

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Vision

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Strategy

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Other Ke Information y

Notes

� ‘Dusseldorp’ heritage

• Not ‘either/or’ but ‘yes, and’

• Community of interest philosophy

• ‘Consultative cooperation’

• Revolutionalised industry relationships

• Redefined boundaries

• Disciplined adherence to set of core principles combined with entrepreneurial capacity to detect and create new opportunities

• Long-term stakeholder driven approach yet also focused on short-term and Securityholders

• Meeting obligations of local community, wider society and natural environment

• Innnovator in process, labour management, business development and business ethics/corporate governance

Values

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Notes

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Darling Park, Sydney, NSW

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Key Areas of Focus

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Other Ke Information y

Notes

• Flexible ownership approach facilitates larger positions in market (balance sheet requirement reduced but control gained/retained)

• Knowledge / expertise

• Control over asset cycle

• Quality portfolio

• Ability to deploy capital to remain robust through cycles

• Capacity to add value to mixed use projects

• Developing to own

• Improves returns

• Provides quality assets

• Continuously add value to maximise long-term capital appreciation

1. Business Model Active ownership

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Other Ke Information y

Notes

• Maintain own, manage, develop model

• Emphasis on ownership

• Active ownership key driver of returns

• Work to strengths

• Scale, Quality, Diversification, Culture

• Australia-only asset base

• Capital structure that matches long-term nature of portfolios

1. Business Model Active ownership

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Other Ke Information y

Notes

PROPERTY OWNER

with core competencies in Investment, Asset and Development Management

vs Defensive Cyclical vs Sector- Diversified specific vs Private Public

markets markets vs Focused International

niche scale Earnings Targeting growth focus vs superior total returns

1. Business Model (cont) Value drivers

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Other Ke Information y

Notes

Estimated ‘through the cycle’ WACC	Retail	Office	Indust.	GPT(3)
Debt / EV (assumed)	30%	30%	30%	30%
Equity / EV (assumed)	70%	70%	70%	70%
5-year swap rate	5.6%	5.6%	5.6%	5.6%
Margin	2.0%	2.0%	2.0%	2.0%
Estimated cost of debt	7.6%	7.6%	7.6%	7.6%
Risk free rate(1)	5.6%	5.6%	5.6%	5.6%
Levered beta(2)	0.60	0.75	0.90	0.68
Risk premium (estimated)	5.0%	5.0%	5.0%	5.0%
Estimated cost of equity	8.6%	9.4%	10.1%	9.0%
Estimated WACC	8.3%	8.8%	9.3%	8.5% 8.5%

• (1) 10-year Government Bond.

• (2) Based on estimates for selected Australia peers.

• (3) GPT calculations are based on weighted average of the three sub-portfolios (based on book values as at December 2008).

1. Business Model (cont)

  - Assessment of GPT’s Weighted Average Cost of Capital (WACC)

• Hurdle rate will be continually re-assessed for appropriateness

• GPT’s current WACC is approximately 10%

• Abnormally high due to current debt market conditions, GPT’s historical capital structure/risk profile and recent sector volatility

• A lower ‘through the cycle’ WACC is appropriate given GPT’s improved risk profile and outlook

• Estimated ‘through the cycle’ WACC is approximately 8.5%

• All future opportunities to be assessed against this

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Other Ke Information y

Notes

• Historic ‘through the cycle’ returns consistent with targets

• Development managed through stages to mitigate risk

1. Business Model (cont) Indicative returns achievable

• Unlevered IRRs of approximately 8.5 – 11.0% achievable across ownership portfolio

• Unlevered IRRs of approximately 10 – 15% achievable from development pipeline

• Indicative returns are consistent with GPT’s assessment of its ‘through the cycle’ WACC and historic returns

• Future acquisitions / developments will target these return levels, having regard to

• Impact on earnings

• Balance sheet constraints

• WACC

Maximising returns/mitigating risk

• GPT’s ‘quality lens’

	Retail	Office	Industrial
Target IRR – Investment	8.5 – 9.5%	9.0 – 10.0%	10.0 – 11.0%
Target IRR – Development	10.0 – 13.0%	11.0 – 14.0%	12.0 – 15.0%
Historical IRR – Dec 08	11.7%	12.2%	12.0%

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Other Ke Information y

Notes

• GPT Retail portfolio historic IRR 11.7% (to Dec 08)

• GPT Office portfolio historic IRR 12.2% (to Dec 08)

• GPT Industrial portfolio historic IRR 12.0% (to Dec 08)

• Total Return Index By Sector[(1)] (Dec 84 – Dec 08)

(1) Source: Investment Property Databank (IPD).

1. Business Model (cont) Investment templates

	Retail(1)	Office(1)	Industrial
Location	� Trade areas that have strong forecast market growth	� Major Australian CBD’s with focus on Eastern Seaboard � High white-collar employment growth locations	� Large scale industrial and business parks in major markets with strong growth potential � Assets with competitive advantage or point of difference to which value can be added � Close to transport networks/employment nodes
Size	� $100m +	� $100m+	� $20m+
Type / Asset Characteristics	� Regional shopping centres and sub-regional centres with the potential to be developed into regional centres over time � CBD retail centres � Dominant position in town planning framework	� Prime Grade assets � Contemporary floor plate and services � High quality tenants with diverse tenant register � High sustainability ratings	� Inter-modal estates � Modern warehouse / distribution centres � Campus-style business parks � Assets will generally be of a non- specialised nature except where they provide redevelopment potential or can be acquired subject to long-term leases
Target Investment Returns	� 8.5 – 9.5%	� 9.0 – 10.0%	� 10.0 – 11.0%
Target Development Returns	� 10.0 – 13.0%	� 11.0 – 14.0%	� 12.0 – 15.0%

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(1) Fund templates are consistent with balance sheet portfolios.

Other Ke Information y

Notes

• Historical focus on near term EPS growth resulted in sub-optimal outcomes

• Real estate a long-term asset and should be measured on this basis

• Total return (change in NTA + earnings) correct measure of longterm value creation

• Key drivers of value

• NTA: driven by net rental income and cap rates

• Distributions/FFO: largest component is net rental income

• Cap rates largely driven by external market forces

• Management focus is therefore on driving net rental income and maximising cashflow

1. Business Model Measurement (cont)

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Notes

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1. Business Model We have identified the levers that will let us achieve superior returns

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Notes

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1. Business Model The path towards superior returns will involve focusing on all of those levers

(Indicative)

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Notes

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2. Organisation Design

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Notes

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2. Organisation Design (cont) Structure effective 1 September 2009

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Other Ke Information y

Notes

• Recurrent annualised corporate costs approximately $30 million*

� Breakdown

• People costs

• Office occupancy

• Travel

• IT

• Consultants, including Legal/Tax/Audit

• Other

• TOTAL

76% 6% 3% 2% 6% 7% 100%

• Represents 5.6% of core portfolio realised operating income. Note: Headcount reduced by 15% from 1/7/08 to 1/7/09.

3. Operational Efficiency

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Notes

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4. People Development

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Other Ke Information y

Notes

� Lack of customer awareness[(1)]

• 87% of respondents had not heard of GPT

• 77% of respondents had visited a GPT managed shopping centre

• Limited awareness of business model and brand values

� Retail investors lack clarity[(1)]

• 17% of respondents did not have sufficient understanding to form a positive or negative view

• 30% of respondents could not identify any GPT assets

• (1) Based on online surveys conducted with 1,000 residents living in trade areas of GPT managed assets and 900 current GPT investors.

5. Communicate and Connect

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Notes

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6. GPT Brand and Identity

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Notes

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6. Brand and Identity (cont)

Stakeholder

“We know GPT could be a simpler, more Institutional Investor stable business with great assets consistently delivering strong returns”

Office Worker “I know they own part of the MLC Centre” “We selected this location because it Industrial Estate Tenant provides the perfect support for our specific distribution requirements” “Whilst many customers won’t have heard Retail Tenant of GPT, I think they are a very strong owner and manager of some of the best retail assets in the country” “My local centre is a great place to shop. I Retail Shopper love spending time there, meeting friends and enjoying the environment” “I am proud to work at GPT but GPT Employee disappointed in recent performance” “They have fantastic assets and the Valuer people are great to work with”

�

�

“GPT is an important part of our portfolio – with quality assets and consistent and stable income”

“All GPT’s buildings are high quality, well located in major office markets”

“We review GPT locations first because they meet and exceed our requirements”

“GPT’s centres are always tailored to meet the needs of their trade areas and are consistently evolving to maintain their high quality”

“GPT’s centres are great places to shop and to spend time, meeting friends, or enjoying the community activities”

“GPT has a great reputation as a business and employer and I can do my best work there”

“We are always very confident valuing GPT assets – they are very stable, in demand and of the highest quality”

39 Source: BrandMatters Pty Ltd

Other Ke Information y

Notes

� Total number of employees (1/7/09): 504

	Employees
Retail – centres	122
Retail – other	124
Office	12
Industrial	5
Wholesale Funds	4
GPT Halverton	128
Other	109
TOTAL	504

� Headcount reduced by 15% from 1/7/08 to 1/7/09

7. Work Environment

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Notes

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8. Insight and Innovation

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Notes

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9. Capital Management Principles

• Provide a sustainable funding base that optimises GPT’s WACC

• At December 2009, subject to non core asset sale progress and a stabilisation of economic conditions, we will articulate gearing and distribution targets

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Notes

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10. Non Core Asset Sales

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Other KeyInformation	Other KeyInformation	Other KeyInformation	Other KeyInformation	Other KeyInformation	Other KeyInformation	Other KeyInformation	Other KeyInformation
	Completed asset sales		Net Asset Value(1) ($m)		Income(2) ($m)				Net Asset Value(1) ($m)		Income(2) ($m)
	120 Miller Rd, Villawood		17.7		1.7		Lizard Island Resort		13.4		1.4
	Cradle Mountain Lodge		23.2		2.9		Heron and Wilson Island Resort		23.4		0.2
	Cannon Hill Homemaker City		17.5		1.7		Dunk Island Resort		27.5		0.2
	973 Fairfield Rd, Yeerongpilly		9.5		1.0		Bedarra Island Resort		13.5		0.3
	Floreat Forum		112.0		8.1		Silky Oaks Lodge		9.0		0.1
	Joint Venture (Europe)		912.5		71.4		El Questro		13.0		1.1
	H2O Portfolio		33.1		6.4		Kings Canyon Resort (46%)		4.9		0.5
	Alliance Portfolio		18.6		(3.3)		Alice Springs Resort		12.0		1.4
	Hamburg Trust business		0		(7.5)		Wrotham Park Lodge		1.0		(0.4)
(1) Based on net assets at			Dec 08.
(2) Net Operating Income post allocation of head office						costs and tax expense (full		year 2008).

Notes

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Non Core Assets

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Notes

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CEO Short Term Incentives

2009 overarching objective: Restoration of market confidence in GPT, and rapid execution of revised GPT strategy

� Priority areas for short term incentives

• Financial covenants

• Removal of refinancing risk

• Non core asset sales

• Cost effective capital management

• Joint Venture with Babcock & Brown

• Financial outcomes for 2009

• GPT Wholesale Funds

• Investment Community relationships

• Board Communication

• Senior Executive Team

• Long Term Incentives based on three year GPT Total Shareholder Return against S&P ASX 200 A-REIT Index

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Notes

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Rouse Hill Town Centre, NSW

Other Ke Information y

Notes

Key Focus Areas

1. Business model of active ownership

2. New organisation design

3. New level of operational efficiency

4. Market leading people development

5. Proactive communications

6. Customer focused brand

7. Work environment to exemplify brand

8. Insight and innovation to create value

9. Capital efficiency to optimise the business

10. Non core asset sales

Summary

• Board/Management changes made

• Balance sheet restored

• JV exited and good progress on non core asset sales

• Strengths – Quality, Diversification, Scale, Culture

• Purpose, Vision and Strategy articulated

• Confidence and trust in GPT

• Consistent, reliable returns from high quality Australian Real Estate

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92-116 Holt Street, Pinkenba, QLD

Rouse Hill Town Centre, NSW

GPT’s Core Portfolio

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*GPT to acquire 16.67% interest.

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