GPT GROUP — Investor Presentation 2012

Jun 26, 2012

GPT Investor Day WEDNESDAY 27 JUNE 2012

1

Welcome and Introduction Michael Cameron, CEO and Managing Director

Introduction

GPT Investor Day Recent highlights

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One One One Eagle Street reached practical completion and 82% commitments

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Sold 2/3 interest in Newcastle land holding

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Sold 50% interest in Casuarina and Westfield Woden to GWSCF

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Signed AFL with Myer at Casuarina

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Introduction

GPT Investor Day GPT’s competitive advantage

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High quality, diversified asset portfolio

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Active property management

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Deep capability

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Strong capital management

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Introduction

GPT Investor Day Agenda

Speakers

Mark Fookes

Head of Investment Management

Matthew Faddy

Head of Asset Management

Brett Williams

Retail Portfolio Manager

Max Ryerson

Digital Marketing Manager

David Burgess

Portfolio Manager - Office, Logistics and Business Parks

Luke Briscoe

National Director Leasing – Office, Logistics and Business Parks

Hamish Roth

Head of Private Capital

Martin Ritchie

Fund Manager GPT Wholesale Office Fund

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Investment Management Mark Fookes, Head of Investment Management

Investment Management

Investment Management Focused on portfolio investment performance

• Integrated portfolio management structure aligned to the goal of strategic allocation of capital

• Centralised approach to investment management results in synergies and efficiencies across the portfolio

• Cross-sector collaboration and consistency of financial analysis and modelling across sectors

• Collaboration with the research team

Asset Investment Development Management Management Management

Logistics and Retail Office Business Parks Investment Investment Investment

7

Investment Management

Investment Management Strategic approach to capital allocation

• Capital allocation framework used to actively manage the portfolio composition

• A strategic ‘whole of portfolio’ approach looking across all investment opportunities and uses of capital

>9%

• Detailed long term forecasting of investment performance

• Disciplined approach to deployment of capital and adherence to return hurdles

>CPI +1%

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Investment Management

Investment Management Diversified portfolio positioned to deliver superior risk adjusted returns

• GPT has a high quality portfolio of assets in the retail, office and logistics and business parks sectors

• Historically retail had a low correlation with office and industrial and has shown lowest volatility

• Office and industrial sectors are forecast to generate superior risk adjusted returns in the medium term

20 Year Sector Correlations[1 ]

82%

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59%
50 %
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Prime Retail vs. Prime Retail vs. Prime Retail vs. Prime Retail vs. Prime Office vs.Prime Office vs. Prime Office Prime Office Prime Industrial Prime Industrial Prime IndustrialPrime Industrial

1. Based on IPD data at Q1 2012. Correlations for 20 years of quarterly total return data.

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Investment Management

Investment Management Moving towards a more balanced portfolio

Portfolio weighting As at 31 December 2011

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Logistics and
Business Parks 9%
Office
30%
Retail
61%
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Target portfolio weighting

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Logistics and
Business Parks 15%
Retail
50%
Office
35%
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• Retail weighting has been historically beneficial given the outperformance of retail property

• Structural changes in retail landscape and outlook now favour a more balanced weighting

• Strategy is to move the retail portfolio to 50% of the balance sheet portfolio, with redeployment of capital into office and logistics and business parks opportunities

• Confident of the long term prospects for well managed high quality property across all sectors

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Investment Management

Investment Management Actively managing the portfolio composition

• Acquisition and divestment decisions will be based on the individual circumstances and prospects for each asset

• Divestment of 50% of Casuarina Square and Westfield Woden to GWSCF

• Decision made to hold 50% interest in MLC Centre

• Disciplined approach to acquisition and developments

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Asset Management Matthew Faddy, Head of Asset Management

Asset Management

Asset Management Seamless control and management

• Team of dedicated retail, office, logistics and business parks professionals

• Focus on active portfolio management, customer service, leasing, operations and sustainability

GPT’s integrated property and asset management approach

 Teams work closely with national marketing, leasing, legal and design teams delivering an integrated and proactive approach resulting in greater efficiencies, leverage of scale and specialised skills

• Optimising asset performance through customer engagement

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Asset Management

Asset Management Sector focus with national synergies

Investment Asset Development Management Management Management National Director National Director Office, Leasing - Office, National Director National Director National Director National Director Logistics and Logistics and Asset Operations Brand & Strategy Leasing Retail Retail Business Parks Business Parks Retail asset management Office, Logistics and Business Parks asset management

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Asset Management

Asset Management Shopper experience – providing ‘something special’

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GPT
SERVICE Customised
Training
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• Wi Fi
• Customer
• Mobile
Touch Point
• QR Code
Program
PLACE DIGITAL campaigns
• SAKG
• Facebook
• Place Making
• Twitter
Program
• Instagram
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Charlestown Square Style Centre

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Melbourne Central QR
Code Campaign
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Charlestown Square Roving Customer Service Desk

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Asset Management

Asset Management Tenant engagement – ‘understanding our customer’

• Defined customer engagement plan

• Account management of top customers

• Focus on understanding their business and how GPT can support them

• Structured engagement program

• GPT has the highest retail Net Promoter Score in sector at +11%

• Office customer satisfaction 74%

• Logistics and Business Parks customer satisfaction 73%

“Customer service is the main differentiator when seeking office-space for our employees, at One One One Eagle Street, GPT has been focussed on ensuring our needs were accommodated to ensure a long term relationship.” Paul Spiro, Gadens Lawyers Brisbane

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• Property
Seminar
Customer Top Retail
• Customer QUAR-
ANNUALLY Dinners TERLY Round MONTHLY Customer MONTHLY Portfolio
Tables Meetings Reviews
• Customer
Surveys
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Asset Management

Asset Management

Generating enhanced returns via internalised management

• Reduced leakage of management and leasing fees to external parties

  • Enhanced returns from integrated property and asset management

• $1m annual office and logistics and business parks property management profit

• Future revenue growth opportunities, with GPT assuming agency position on certain assets

Asset Leasing Savings / Fees 530 15,000 sqm joint $1m Collins appointment MLC 20,000 sqm joint $1m Centre appointment Bourke 60,000 sqm renewal $250k Street negotiation

Citiport Business Park

9.82%

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9.50%
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8.66% Initial yield Fully leased yield Fully leased yield with fees

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Asset Management

Asset Management Benefits from internalised property management

• People  Alignment of performance management

• Talent attraction, retention and ongoing learning and development

Enhanced customer experience

• Removal of the middle man

• Creating a direct working relationship with our tenants

• Develop and implement customer experience programs differentiating GPT

• Leveraging portfolio scale

Portfolio  Leveraging retail property management synergies and expertise scale  Superior sustainability performance

• Leveraging retail property management expertise

• Greater control and influence over

• Direct asset management of assets

• management 

• control Deliver consistent portfolio wide strategies

Improved portfolio performance

“I can confirm Allianz's appreciation of GPT delivering a high level of service at Melbourne Central Tower and delivering a positive and productive environment. Allianz looks forward to the GPT/Allianz partnership playing a part in our future success at Melbourne Central Tower” Justin Field, Group Manager, Allianz Australia Insurance Ltd

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Retail Investment Brett Williams, Retail Portfolio Manager

Retail

Australian Retail Sector

Whilst the retail sector is challenging now, GPT continues to believe in the future of retail as a strong investment class

• The retail sector has historically outperformed other property asset classes, achieving higher returns with lower volatility

• There are a number of characteristics which will enable regional centres to continue to deliver solid returns:

Retail portfolio by subsector

• Tight barriers to entry

• Diversification of tenants

• Structured rental growth

• Proven ability to evolve the retail offer

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Other
Sub 4%
Regional
1%
Regional
95%
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Retail

Australian Retail – Shopping Centre Evolution

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Retail

Australian Retail Sector Retail sales growth – GPT is actively addressing structural impacts

Structural Change	Potential Impact	GPT’s Response
Online Retailing	• Online retailing will continue to grow • Successful retailers will need to operate in a multi-channel environment • Global price harmonisation will impact the price that can be charged by local bricks and mortar retailers	• GPT will evolve the mix of stores, invest in complimentary technology and focus on enhancing customer experience
Entry of international retailers	• Australia is viewed as an attractive retail market internationally.	• GPT will invest in high quality regional centres which attract new retail entrants
Changing consumption habits	• Traditional retail’s ‘share of wallet’ has been falling in recent years	• GPT will leverage the health and recreation trend e.g. adapting store mix and seeking to provide complementary services / offers
Experiential consumption	• Shoppers are increasingly wanting an ‘experience’ from shopping	• GPT will evolve (as per online retail) with a focus on enhancing customer experience

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Retail

Retail Portfolio

GPT believes quality regional shopping centres which dominate their trade area will continue to outperform other retail asset classes

• 95% of the portfolio comprises regional shopping centres, one of the highest proportions out of its peer group

Retail portfolio asset quality

• Quality regional centres provide the following attributes:

• Stronger tenant demand

• Tenant diversification

• Broader retail offer including entertainment and leisure

• Flexibility to evolve the retail offer and enhance the customer experience

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100%
80%
60%
40%
20%
0%
GPT Peer 1 Peer 2 Peer 3 Peer 4
Regional Sub Regional Other
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Retail

Retail Portfolio Despite the cyclical and structural retail headwinds, GPT’s retail portfolio is well positioned to continue to deliver solid income growth

• GPT’s retail portfolio has performed strongly, with high levels of occupancy and strong income growth

• 86% of the specialty income is underpinned by structured rental increases of 4.5% in 2012

Retail Portfolio Occupancy

Retail NOI Growth

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5 year average:
99.8% 99.5% 99.6% 99.9% 99.4% 99.6% 5 year average:
4.8% 4.8% 4.7% 4.5%
4.5%
3.6%
2007 2008 2009 2010 2011
2007 2008 2009 2010 2011
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Retail

Retail Portfolio

GPT will reduce its weighting in retail towards 50% over time

• The divestment of a 50% interest in Westfield Woden and 50% of Casuarina Square reduces GPT’s retail weighting to 58% (55% post reinvestment)

Retail Strategy
Target Portfolio Weighting	50% (61% at 31 December 2011)
Quality	Regional Shopping Centres
Markets	Strong growth market (or potential)
Potential	Ability to add value through active asset and development management
Management	Preference for management control
Investment Horizon	Long term investment time frames
Ownership Structure	Preference for GPT Group control
Development	Continue to invest in quality projects which are accretive to both earnings and NTA

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Case Study: Digital Strategy Max Ryerson, Digital Marketing Manager

Asset Management

Digital Strategy Adapting to changing market environments

 Shoppers’ habits are changing

Smartphone Penetration

52% of population

67% visit sites for info on product they are thinking of buying

By 2015 internet access on smartphone will exceed access on desktops

 Opportunities

• Personalisation

• Way finding

• Engagement

• Future revenue

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Asset Management

Digital Strategy GPT’s multi-channel approach

Website personalisation

Mobile applications

Way finding Rewards Wifi QR codes Digital signage Email Geo-fencing

Social Media

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Asset Management

Digital Strategy Key differentiators of GPT’s multi-channel approach

• Door-to-door journey

• Home/office – centre – home/office

• Customisation

• Content based on persona

• Rewards

• Relevant to the customer

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Asset Management

Digital Strategy An ongoing evolution

Wifi

Mobile websites Social media QR Codes

2011/2012

Office Remaining & 5 Largest Retail Logistics and Retail Centres portfolio Business Parks 2012 2013 2013/2014

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EVOLUTION

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Asset Management

Digital Strategy Digital strategy supporting physical centres

• Provide an all-present and multi-channel approach to engaging with customers and their needs

 Personalised contextually relevant information

• Rewarding loyalty and advocacy to our assets

 New revenue sources

• Delivering a better experience with our assets

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Office Investment David Burgess, Portfolio Manager - Office, Logistics and Business Parks

Office

Office Portfolio GPT – a leader in office

• GPT is one of the leading owners, developers and managers of office property in Australia

• Substantial scale in the office markets with deep tenant relationships and market intelligence

• Top tier quality with exposure to more premium grade buildings than any other investor

• Portfolio has consistently outperformed market occupancy levels

Prime Office Assets - GPT vs. Listed Peers

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$5.4b (portfolio size)
$4.0b
$3.1b $3.0b
$1.8b
GPT Peer 1 Peer 2 Peer 3 Peer 4
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Note: prime office assets under management
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Office Occupancy - GPT vs. National

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100%
98%
96%
94%
92%
90%
Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11
GPT Managed¹ National Average²
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1. Source: Jones Lang LaSalle Research, December 2011

2. Includes terms agreed

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Office

Office Portfolio

Leveraging the Group’s extensive asset management, leasing and development expertise

• Dedicated account managers for individual tenants across the portfolio ensures a consistent approach to client engagement

• Common asset management of balance sheet and GWOF assets provides access to a wider range of market intelligence

• Significant development expertise demonstrated through the delivery of One One One Eagle Street, Brisbane

Co-investments

Balance sheet assets Fund assets Investment Asset Development Management Management Management

Capital transactions

Leasing and Tenant Relationships

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Office

Office Portfolio Strategy to increase office portfolio weighting

 GPT is targeting expansion in the office portfolio to 35% from the current 30%

• Opportunity to partner with GWOF to access a broader array of opportunities and diversify risk

Office Strategy
Target Portfolio Weighting	35%
Quality	Prime
Geographic Location	Sydney, Melbourne, Brisbane, Perth
Sustainability	New developments target 6 star Green and NABERS rating
Management	Preference for GPT to undertake property management
Investment Horizon	Longterm investment time frames
OwnershipStructure	Preference for GPT Groupcontrol

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Office
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Office Portfolio Leader in sustainability

Office Portfolio NABERS Rating

• GPT was an early adopter of incorporating world leading sustainable technologies into office buildings

• Investment in sustainable assets helps future-proof the portfolio and generate superior returns

• Embedding sustainability into our assets allows access to a deeper pool of tenants and reduces operational expenditure

• The Group is targeting a minimum 6 star Green and NABERS ratings for new office developments

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5.0
4.8
4.6
4.4
4.0
3.7
3.2 3.3
2.7 2.8
2007 2008 2009 2010 2011
NABERS Energy NABERS Water
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Office
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Office Portfolio Actively managing the risks

Responding to portfolio challenges:

• Strategies are being pursued to mitigate these risks and create opportunities for enhanced returns

2014 lease expiries include:

• Freehills (MLC Centre) - 20,000sqm

• Citigroup (Citigroup Centre) - 34,000sqm

• Government (Farrer Place) - 20,000sqm

Proactive mitigation of medium and long term risks:

Office Portfolio Lease Expiry Profile

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(by Area)
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• Robust asset and portfolio financial modelling

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20%
10%
8% [9% ] 14% 12% 8%
6%
3% 3% [4% ]
2%
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• Account management structure to better understand our clients

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• Short, medium and long term asset by asset investment briefs

• Minimum lease requirements to ensure earnings growth is not at risk

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Office

Office Portfolio

Proactively managing capital expenditure

• Office represents the largest component of capex across the three portfolios

• Both historical and forecast levels of maintenance capex for the balance sheet portfolio are within industry averages for institutional grade assets

• Incentives via cash and rent free:

• We are market led in terms of face vs. effective rents

• Price face rents such that we are adequately compensated

Maintenance Capex (as % of Value per annum)

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58bps 56bps
60 bps
50 bps
GPT Historical GPT Forecast Industry Average Historical Forecast Industry Average
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Note: Historical and Forecast figures relate to the balance sheet office portfolio only. Source for industry average is GPT Research

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Office

Office Portfolio Disciplined approach to development

One One One Eagle Street, Brisbane:

• Practical completion achieved in June

• 82% of space committed well ahead of 40% target at PC

Strategy and Outlook for Office Portfolio Development:

• Will not undertake speculative developments

• Appetite for fund-through opportunities like 161 Castlereagh Street where underlying assets are of high quality

161 Castlereagh Street, Sydney

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Office

Office Portfolio MLC Centre update

• Decision to hold the asset

• Commence repositioning strategy

• Focused on leasing of impending vacating space and delivering the facade works

• Further opportunities to enhance retail

MLC Centre, Sydney

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Case Study: One One One Eagle Street, Brisbane Luke Briscoe, National Director Leasing – Office, Logistics and Business Parks

Office

Case study: One One One Eagle Street, Brisbane

Sky rise

 Ernst & Young 9,000 sqm

High rise

Approach to Leasing

A changing market

• The onset of the GFC

• Arrow Energy

• 14,800 sqm

Mid rise

 Norton Rose 5,100 sqm  Various

4,500 sqm

River rise

 ANZ 7,131 sqm  Gadens Lawyers 7,167 sqm

Reposition the marketing

• Value vs quality

Four rise strategy

• Attract all user groups

Deal creation

• Broadening our target list

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42 One One One Eagle Street, Brisbane

Logistics and Business Parks Investment David Burgess, Portfolio Manager - Office, Logistics and Business Parks

Logistics and Business Parks

Logistics and Business Parks Portfolio Consistent and dependable performance

• Industrial property is a mature and stable investment class:

• High quality income streams

• Attractive total returns

• Long term lease profiles

• Low ongoing capital expenditure requirements

• Built in fixed rental reviews

Historical Industrial Market Total Return

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11.1% 10.9%
10.3%
9.8%
10 Year 15 Year 20 Year 25 Year
Source: IPD, Quarter 1 2012
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Logistics and Business Parks Weighting in GPT Portfolio

• Diversification benefits

• Strategic asset allocation decision to increase logistics and business parks weighting to 15% from 9%

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15%
11%
9% 9% 9%
7%
6%
5%
2006 2007 2008 2009 2010 2011 Current Target
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Logistics and Business Parks

Logistics and Business Parks Portfolio Strategy to increase logistics and business parks portfolio weighting

• GPT is targeting expansion in the logistics and business parks portfolio to 15% from 9%

• Long term outlook for industrial is positive with growth in imports and domestic logistics driving demand

• Preference for logistics style assets in markets linked to key infrastructure nodes

Logistics and Business Parks Strategy	Logistics and Business Parks Strategy
Target Portfolio Weighting	15%
Asset Type	Logistics and Business Parks
Quality	Prime
Geographic Location	Sydney, Melbourne, Brisbane
Management	GPT to undertakepropertymanagement
Preferred OwnershipStructure	100% ownership

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Logistics and Business Parks Industrial

Logistics and Business Parks Portfolio Implementation of strategy

• Strategy to be executed via acquisitions and development delivery

• Defined acquisition criteria relating to quality of improvements and sub market location

• Development pipeline to be delivered from existing land bank over 3-5 years

Logistics and Business Parks Growth Strategy

Acquisition

Development

Defined Submarkets: Proximity to major infrastructure nodes and infill locations

Quality Definition : Defined physical and location attributes

Erskine Park: 21ha, total development costs of $168 million

Somerton: 32ha, total development cost of $103 million

Sydney Olympic Park : 27,000sqm, total development cost of $135 million

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Logistics and Business Parks Industrial

Logistics and Business Parks Portfolio Team in place to deliver on growth strategy

• Fully internalised property management allows GPT to develop and maintain closer tenant relationships

• Demonstrated leasing capability with sustained high occupancy and high tenant retention

• Significant development expertise demonstrated through delivery of 5 Murray Rose 100% committed by the Lion Group

• Team is actively pursuing pre-commitments to build out the logistics and business parks land bank

• Benefits from the linkages to retail tenants through the business

Investment Management

Capital transactions

Asset Development Management Management Leasing and Tenant Relationships

47

Logistics and Business Parks Industrial

Logistics and Business Parks Portfolio Positive market fundamentals

• Post GFC supply in the industrial markets has remained below

• historical averages, with 2010 being a low point in the delivery of new developments

• The outlook in the near term continues to be positive for owners of existing product with planned developments well down on historical levels

• Long term structural trends driving import growth necessitates associated increases in the requirement for logistics infrastructure including industrial property

National Industrial Supply

Sqm ('000s) 3,000 2,500 2,000 10 Year Annual Average 1,500 1,000 500 0

Source: Jones Lang LaSalle Research Forecast

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Logistics and Business Parks Industrial

Logistics and Business Parks Portfolio Recent achievements

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• Execution of the growth strategy is progressing;

• First stage of property management internalisation

• Completion of 5 Murray Rose Avenue – leased 100% by the Lion Group

• 5 Murray Rose Avenue, Sydney Olympic Park

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• Acquisition of Citiport Business Park in key market of Port Melbourne

• Re-leasing upon expiry has consistently out-performed down time expectation

• Actively pursuing opportunities for further acquisitions in selected markets

Citiport Business Park, Port Melbourne

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Funds Management Hamish Roth, Head of Private Capital

Funds Management

Funds Management Established funds management platform

• Long term partnership approach with our investors

• Funds Management platform is a key component of GPT’s strategy

• Diversifies capital sources

• Builds capital relationships beyond fund investments

• Enhances return profile for GPT through fee streams

As at 31 March 2012	GWSCF	GWOF	Combined
Number of assets	9	14	23
Gross Asset Value	$2.2 billion	$3.5 billion	$5.7billion
GPT Co-investment	20.1%	22.7%	In line with GPT strategy
GPT Co-investment	$382 million	$653 million	$1.0 billion

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Funds Management

Funds Management Investor Composition

 The Funds Management business enjoys established relationships with Australian and international wholesale investors

Ownership composition

As at 31 March 2012

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GPT Domestic GPT
Domestic
20% Super 23%
Super
32%
47%
Sovereign Sovereign
Wealth GWSCF Wealth GWOF
Funds Funds
13% 8%
Offshore
Offshore Domestic
Pension
Pension Other
Funds
Funds 16% Domestic
15%
19% Other
7%
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Funds Management

Funds Management Well positioned for growth

 Two paths:

• Short term : Primary focus on expanding the existing wholesale funds

• Longer term : Investigating the potential for new products in GPT’s areas of expertise; Australian retail, office and logistics and business parks property

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CEO
Head of Private Capital Head of Funds Management
GPTFM Board
Fund Managers
Legal Financial
& Asset Strategy & Management
Development Sustainability
Company Management Research &
Secretary Treasury
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GPT Wholesale Shopping Centre Fund Hamish Roth, Head of Private Capital

GPT Wholesale Shopping Centre Fund

GPT Wholesale Shopping Centre Fund Growth in funds through acquisitions

Fund overview	As at 31 March	Post Acquisition of Casuarina and Woden
Number of assets 9 11
Gross asset value $2.2 billion $2.8 billion
Net asset value $1.9 billion $2.0 billion1
Gearing 12.2% 28.2%1
Total GLA 405,800 sqm
Weighted average capitalisation rate 6.52% 6.47%
Occupancy (% of GLA) 99.62%2
Tenancy arrears (% of annual billings) 0.78%
Comparable MAT total centre Up by 0.6%
Comparable MAT specialty Up by 1.5%
1. Prior to equity raising post GPT’s $100m commitment. 2. Occupancy excludes Homemaker City Maribyrnong and Highpoint Shopping Centre as these are development affected.

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GPT Wholesale Shopping Centre Fund

GPT Wholesale Shopping Centre Fund Fund performance at 31 March 2012

• Stable distributions since fund inception

• Strong income at 5.45cpu, distribution yield of 6.0%[1]

• 1 year total return post fees of 8.9%

• 3 year total return post fees of 7.0% vs. retail sector index of 5.5%

• Gearing of 12.2% vs. retail sector index average of 15.7%

Performance v Mercer IPD Retail

GWSCF 1 Year Total Return

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Index [2 ] (Rolling annual return on quarterly rests)
15%
9.3%
8.9%
10%
5%
7.0%
0%
5.5%
-5%
-10%
-15%
1.7% 1.9%
GWSCF Mercer IPD All Retail
Income Capital Total 9% Target
3 Months 12 Months 3 Years
Mar-08 Dec-08 Sep-09 Jun-10 Mar-11 Dec-11
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1. Last 12 months distribution per security to March 2012 divided by March 2011 CUV 2. Mercer/IPD Australian Pooled Property Fund Index March 2012

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GPT Wholesale Shopping Centre Fund

GPT Wholesale Shopping Centre Fund New acquisitions meet fund strategy

GWSCF Real Estate Strategy

Prime assets	Regional Shopping Centres or the ability to be expanded to Regional over the medium term
Definedpositioning	Have a well definedposition in the trade area retail hierarchy
Growth markets	Located ingrowth markets
Ability to deliver enhanced	Have the ability, through both active asset management
returns	and/or development, toprovide 8.5-10% total returns
Control	Preference for full control, however will pursue joint ventures withqualitytoptier 3rdpartymanagers

• Casuarina Square and Westfield Woden are two high performing centres

• Acquisitions achieve Fund target returns

• Improve diversification into two new markets and improves overall portfolio quality

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GPT Wholesale Shopping Centre Fund

GPT Wholesale Shopping Centre Fund Fund outlook

 Positive returns outlook in a volatile world

• 6.47% weighted average capitalisation rate

• 6.00% distribution yield

• Driving performance through proactive leasing and marketing

• Development pipeline enhancing fund returns

• Undertake strategic acquisitions and divest non core assets

• Continue to demonstrate efficient capital management

• Equity raising commencing July 2012

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GPT Wholesale Office Fund Martin Ritchie, Fund Manager

GPT Wholesale Office Fund

GPT Wholesale Office Fund Highest quality office portfolio in Australia

Portfolio by Geography

Fund overview as at 31 March 2012

Number of Assets 14 Gross Asset Value $3.5 billion Net Asset Value $2.9 billion Gearing 13.6% Weighted average 7.23% ca italisation rate p Weighted average 5.4 years by area lease ex ir p y Occupancy (incl. HoA) 99.4% Quality 62% premium grade Sustainability 11 buildings at 5 Star NABERS ratin g

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Canberra
2%
Brisbane
24%
Sydney
49%
Melbourne
25%
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Portfolio by Quality

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A-Grade
38%
Premium
62%
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GPT Wholesale Office Fund

GPT Wholesale Office Fund Fund Performance at March 2012

• Strong income at 6.90cpu, distribution yield of 7.0%[1]

• 1 year total return post fees of 11.0%

• 3 year total return post fees of 5.1% vs. office sector index of 2.0%

• Gearing of 13.6% vs. office sector index average of 19.0%

Performance v Mercer IPD Office Index[ 2]

GWOF 1 Year Total Return

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11.0% (Rolling annual return on quarterly rests)
20%
9.2% 15%
10%
5%
0%
5.1%
-5%
3.6%
2.7% -10%
2.0%
-15%
-20%
GWOF Mercer IPD All Office
3 Months 12 Months 3 Years Income Capital Total
Jun-07 Sep-08 Dec-09 Mar-11
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1. Last 12 months distribution per security to March 2012 divided by March 2011 CUV

2. Mercer/IPD Australian Pooled Property Fund Index March 2012

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GPT Wholesale Office Fund

GPT Wholesale Office Fund Real Estate Strategy

GWOF Real Estate Strategy

• Rent setter Seek to be a rent setter, not a rent taker in selected locations • Seek Premium-grade and high A-grade with high environmental Enhance asset ratings quality • Divest lower ualit rade assets q y g Prime CBD • Sydney, Melbourne and Brisbane CBDs and assess Perth CBD locations • Minimum size $150m and/or 25,000+ sqm NLA • Prefer 100% ownership or control of an asset Control • Consider acquiring balance of 50% interests Development • Seek opportunities for enhanced returns within the portfolio otential p

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GPT Wholesale Office Fund

GPT Wholesale Office Fund Fund outlook

 Positive returns outlook in a volatile world

• 7.23% weighted average capitalisation rate

• 7.00% distribution yield

• Highest quality portfolio 62% premium grade

• Divest Brisbane Transit Centre and 10 & 12 Mort Street

• Actively seeking assets meeting fund strategy

• Continuously upgrading asset quality

• Focus on intensive asset management through leasing and customer service

• Stringent capital management

• Low gearing target

• Equity raising likely to commence second half 2012

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Conclusion Judy Barraclough, Head of Strategy and Corporate Affairs

Conclusion

GPT Investor Day GPT’s competitive advantage

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High quality, diversified asset portfolio

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Active property management

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Deep capability

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Strong capital management

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