GPT GROUP — Investor Presentation 2015

Feb 22, 2015

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GMF 23 February 2015

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2014 FUND ESTABLISHMENT

Largest AREIT IPO in 2014

• Successfully listed 29 October 2014

• Statutory accounts lodged on 23 January 2015

• Savings in Fund establishment costs

• First reporting date 30 June 2015

• Product Disclosure Statement (PDS) forecast reaffirmed

Forecast	Allotment to 30 June 2015	Six months ending 31 December 2015
Distributable Earnings per unit	10.33 cents	8.23 cents
Distribution per unit	9.81 cents	7.65 cents

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PORTFOLIO AND CAPITAL MANAGEMENT

Positioned for success

• Diversified portfolio of A grade metropolitan and business park office properties

• Total assets $375.9m[1 ]

• Office space fully leased[2] across 64,500 sqm

• 6 buildings with average age 3.6 years

• WALE 6.4 years

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1. OPTUS CENTRE, Fortitude Valley, QLD

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QUAD 2, QUAD 3, Sydney Olympic Park, NSW Sydney Olympic Park, NSW

• Structured reviews - 89% of base rent has fixed reviews averaging 3.6%

• NTA $1.90

• Weighted average cost of debt 5.0% with a weighted average debt term of 4.3 years

• Gearing 26.7% hedged at 95%

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5 MURRAY ROSE, 3 MURRAY ROSE, VANTAGE, Sydney Olympic Park, NSW Sydney Olympic Park, NSW Hawthorn, VIC

All data is unaudited as at 31 December 2014 unless otherwise noted.

1. Including Quad rental guarantee and 3 Murray Rose Avenue on an “as if complete” basis. 2. Including Heads of Agreement at 31 December 2014.

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NATIONAL DEMAND RECOVERED IN 2014

Supply remains modest

• Rising demand exceeding modest supply is positive for vacancy levels

• Upward pressure on rents is favourable for returns

• Higher activity levels in Sydney metro mirrors the improvement in the CBD

• Opportunity for GMF to capture growth at Quads 2 and 3

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National Metro Office Markets: Demand versus Supply
400,000
300,000 Net Absorption
Net Supply
200,000
100,000
0
-100,000
-200,000
2010 2011 2012 2013 2014
Metro Office: Most Active Sub-Markets
South Sydney 6.6 11.0
3.9
Macquarie Park 4.4
0.9
Norwest
4.1
Chatswood 0.0
2.8
Sydney Olympic Park 2.3 3.2
Melbourne Fringe 1.7 Net Supply
Brisbane Fringe 1.3 3.9 Net Absorption
0 2 4 6 8 10 12
% of Total Stock
sqm pa
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Source: JLL 4Q14, GPT Research

RENTAL GROWTH STRENGTHENING

Yield spreads indicate opportunity for cap rate compression

• Positive growth in face rents since late 2010 has underpinned income returns for metro investments

• An improvement in effective rents is positive

• Cap rates likely to compress in metro markets

• Higher asset values would be a positive for GMF’s NTA

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Australian Metro Office: Face vs Effective Rents - Prime
2.5 25
2.0 20
1.5 15
Face Rents
1.0 10
0.5 5
0.0 0
-0.5 -5
Net Effective Rents
-1.0 -10
-1.5 -15
Income Return (Yield): CBD Office v Metro Office
11.0 Dec 1985 to Sep 2014 (29 yrs) 2.5
10.0 Metro
2.0
Office
9.0
1.5
8.0
1.0
7.0
CBD Office 0.5
6.0 Spread
5.0 0.0
Annual Growth (%)
Quarterly Growth (%)
Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14
Yield (%) Spread (%)
Dec 85 Dec 87 Dec 89 Dec 91 Dec 93 Dec 95 Dec 97 Dec 99 Dec 01 Dec 03 Dec 05 Dec 07 Dec 09 Dec 11 Dec 13
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Source: JLL 4Q14, GPT Research (top chart). IPD 3Q14, GPT Research (bottom chart)

GMF SNAPSHOT

Diversified across markets and expiry profile

ASSET AND GEOGRAPHIC DIVERSIFICATION[1 ]

LEASE EXPIRY PROFILE[2]

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21.9%
18.7% 18.0%
13.8%
10.1%
0.6%
3.9%
1.5% 6.6% 2.5% 2.4%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Covered by the Quad rental guarantee
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• Overall well positioned

• Shorter term expiries in Sydney and Melbourne

• Brisbane underpinned by longer term leases

• Adjusted for completion of the 3 Murray Rose Avenue development and the Rental Guarantees. 2. By base rent.

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GMF SNAPSHOT

Asset updates

• 3 Murray Rose development, Sydney Olympic Park

• PC ahead of schedule

• Samsung has started fitting out

• Quads 2 and 3, Sydney Olympic Park

• Lease secured ahead of forecast

• Small suite expiries in 2015 – good interest received

• Vantage, Hawthorn

• Fusion Retail Brands – in negotiations and leasing agent appointed

• Optus Centre, Fortitude Valley

• Retail space for lease – actively marketing

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