GPT GROUP - Investor Presentation 2021

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15 February 2021

2020 Annual Result Presentation (with speaker notes)

GPT provides its 2020 Annual Result Presentation (with speaker notes) which is authorised for release by the GPT Group Company Secretary.

-ENDS-

For more information, please contact:

INVESTORS MEDIA Penny Berger Grant Taylor Head of Investor Relations Communications Manager & Corporate Affairs +61 402 079 955 +61 403 772 123

www.gpt.com.au

Level 51, MLC Centre, 19-29 Martin Place, Sydney NSW 2000

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Market Briefing
15 February 2021
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Good morning everyone and welcome to GPT’s 2020 Full Year results briefing.

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The GPT Group
acknowledges the Traditional
Custodians of the lands on
which our business and
assets operate, and
recognises their ongoing
connection to land, waters
and community.
We pay our respects to First
Nations Elders past, present
and emerging.
Artwork created by Molly Wallace
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We are hosting today’s presentation from our offices in Sydney and as such, I would like to acknowledge the traditional custodians of this land, the Gadigal People of the Eora Nation, and pay respect to Elders past, present and emerging.

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With me today are Anastasia Clarke, Matt Faddy, Chris Barnett and Nick Harris, and the agenda is outlined on slide 3. As usual, we will take your questions at the end of the presentation.

Given the unprecedented social and economic impact COVID-19 has had, and indeed continues to have, I think it is appropriate to start with a recap of the last 12 months.

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2020 Year in Review
Portfolio Size and Geographic Exposure
High quality diversified Remain focused Pipeline of
portfolio, integrated on growing our attractive
management platform logistics portfolio developments
and optimal capital providing organic Office Retail
structure positions us well for the recovery growth opportunities $5.6b NSW 50% $5.5b
VIC 38%
» Group delivered a creditable result despite an extraordinarily QLD 10%
difficult operating environment NT 2%
– Extended lockdown in Melbourne but recovery underway
– Office and Logistics net billings collection remained high
– Retail net billings collection improved materially in 2H 2020
as shopping centres re-opened Logistics
» Executing on strategy, with continued growth in Logistics – Portfolio occupancy remains solid $3.0b
achieved through development and acquisitions
» Logistics development completions and acquisitions of ~$400m
in 2020
» Well positioned to benefit from the economic recovery
THE GPT GROUP | 2020 ANNUAL RESULT 4
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I am pleased to be able to report today that despite 2020 being an extraordinarily challenging year, we were able to deliver a solid FFO (Funds From Operations) result. We had commenced 2020 with the expectation of delivering further FFO and Distribution growth, but COVID-19 has changed the operating landscape. Throughout the year we maintained a focus on working with our customers to help them navigate through the uncertainty, providing support where necessary.

As you know, Melbourne was hit hardest with an extended period of strict lockdown. GPT has 38% of its real estate portfolio located in Melbourne, including 44% of our retail assets. The extended lockdown meant that our retail assets and particularly Melbourne Central and Highpoint were significantly disrupted.

While the five day lockdown in Victoria announced on Friday was disappointing news, we are confident that a recovery is underway for the city and this will be sustained.

Rent collection across our portfolio improved strongly in the second half, and particularly in the fourth quarter as we closed out approximately 90% of our expected tenant relief deals.

During 2020 we also saw the acceleration of a number of trends, including ecommerce and working from home.

On-line retail gained market share, but we have also seen a strong return to bricks and mortar stores when shopping centres re-opened, demonstrating the pent up demand and desire for the services, experiences and social interaction that our shopping centres offer.

The COVID-19 restrictions also showed that working from home can be effective and I have no doubt more people will participate in flexible working going forward. Technology has been a strong enabler of effective remote working, but I also believe that there is no substitute for face to face connection. Most business leaders I speak to want their people in the office for the majority of their work week to foster culture, teamwork and collaboration, which is much harder to do without established relationships and connections. However, they also recognise that their people have enjoyed not having to make long commutes on a daily basis.

So we expect that many organisations will retain an element of working from home, but we also expect that there will be a strong recovery in office space utilisation in 2021, as the focus changes from managing the pandemic risk to business growth.

Our Office and Logistics assets, which represent over 60% of the portfolio, have been resilient throughout the pandemic with strong rent collection rates.

Office leasing activity during the year was hampered by COVID-19 with many larger tenants delaying decision making, as they re-assess how they will use their office spaces in the future.

Tenant demand for high quality logistics assets remains strong, benefitting from ecommerce tailwinds and supply chain management drivers.

We have continued our investment in the sector, developing and acquiring approximately $400 million of logistics assets during the year.

Overall 2020 was an extraordinary year and COVID-19 outbreaks and containment measures will remain a risk.

However a recovery is clearly evident. Jobs growth has been robust, consumer sentiment is strong, the household savings rate is at levels not seen for many years and people are returning to offices, restaurants, and shopping centres. So we remain optimistic that the recovery will be sustained, albeit it is likely to be uneven.

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2020 Annual Result
Financial Summary
28.48cents 22.50cents
Funds From Operations Distribution
per security per security
$5.57 -2.4%
Net Tangible Assets Total Return [1]
per security
Investment portfolio
Portfolio Assets under $
occupancy 98.4% management 24.4b
Weighted average Weighted average
lease expiry 4.7yrs capitalisation rate 4.95%
30 Ironbark Close, Berrinba
1. Total Return is defined as the change in Net Tangible Assets (NTA) per security plus distributions per security declared over the year, divided by the NTA per security at the THE GPT GROUP | 2020 ANNUAL RESULT 5
beginning of the year
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Turning now to an overview of our results on slide 5.

FFO per security for the year was down 12.9% to 28.48 cents. This was driven primarily by the reduction in NOI given the COVID-19 rent relief we provided to our retail tenants.

Today we announced a second half distribution of 13.2 cents per security, taking total distributions for the year to 22.5 cents per security. This represents 100% of free cash flow for the Group and a yield of 5.5% on our current security price.

NTA at December 31 was $5.57 per security and this is supported by independent valuations for all our investment assets.

The Total Return for the year was -2.4% and was impacted primarily by the devaluations of our retail portfolio. While this is disappointing, I note that the total returns for the Group over the last five years have averaged more than 10% per annum.

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2020 Rent Collection and COVID-19 Waivers
» Supported our customers to ensure our assets are well positioned for the recovery
» 94% of net billings collected in 2020
– Office 98%, Logistics 100%, Retail 88%
» 86% of tenant deals agreed
Tenant rent Provisions for
Deals waivers receivables Total
Sector agreed ($m) [1] ($m) [2] ($m)
Office 99% 6.5 5.0 11.5
Logistics 100% 0.2 0.1 0.3
Retail 83% 64.9 18.6 83.5 ($24m)
1
Total 86% 71.6 23.7 95.3
1.2. Rent waivers include $39m processed, $22m agreed and $11m estimatedProvisions relate to uncollected rent not waived for the 12 months to 31 December 2020 THE GPT GROUP | 2020 ANNUAL RESULT 6
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I wanted to now provide you with some further details on rent collections, waivers and provisions we have made for the full year as outlined on slide 6.

Overall rent collection was 94% of net billings, with the Office portfolio achieving 98% and the Logistics portfolio 100%.

Rent collection for the retail portfolio improved significantly during the December quarter following the re-opening of Melbourne in late October, resulting in 88% of net billings for the full year being achieved.

To support our tenants through the challenging period, we agreed to rent waivers totalling $71.6 million, which equates to 7% of gross billings. We also made provisions of $23.7 million for receivables, taking total COVID-19 allowances for the year to $95.3 million. The majority of this relates to our retail tenants.

The waterfall chart on the right-hand side of this slide provides a summary of billings, rent waivers agreed and estimated along with the provision for receivables and the residual amount of $32 million which we expect to collect.

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Investment Property Valuations
» All assets independently revalued [1] as at 31 December 2020
» Logistics portfolio valuation gains offset by further Retail portfolio valuation decline
» Office portfolio valuation increased modestly in 2H 2020 supported by market transactions
» Portfolio valuation movement flat for 2H 2020 and down 4.8% for the full year
» Spread between discount rates and 10-year Australian Government bond yield greater than
500bps and well above the long-term average
Office Logistics Retail
2H 2020 Valuation Movement
(6 months to 31 December 2020) +0.5% +6.5% -3.6%
2020 Valuation Movement
(12 months to 31 December 2020) -1.2% +9.3% -13.7%
Capitalisation Rate 4.89% 4.84% 5.06%
31 December 2020 (+4bps since June 2020) (-45bps since June 2020) (+2bps since June 2020)
Discount Rate 6.19% 6.20% 6.33%
31 December 2020 (-13bps since June 2020) (-19bps since June 2020) (consistent with June 2020)
Key Changes to Valuation Assumptions Incentives increased Valuation metric compression Market rents lowered
31 December 2020 240bps 2.30%
1. Excludes assets held for sale or acquired in the period THE GPT GROUP | 2020 ANNUAL RESULT 7
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Turning now to valuations. While transactions in the direct market slowed in the first half of 2020, there was a significant increase in activity during the second half for Office and Logistics assets providing valuers strong market evidence.

There was a material uplift in the valuation of our logistics portfolio, which was offset by a decline in the valuation of the retail portfolio.

The valuation of Melbourne Central was the key driver for the valuation decline, down 8.8% in the second half, reflecting the restrictions imposed on the Melbourne CBD.

Investment metrics for retail assets remained in line with the June valuations, however valuers moderated their market rent assumptions to reflect current leasing transactions.

Prime Office valuations remained relatively stable over the year with a number of transactions supporting book values in the second half. An increase in the allowances for incentives, given the elevated vacancy rates, was offset by a 13bps firming in discount rates.

For the full year the Group’s diversified portfolio declined 4.8% in value.

The portfolio average capitalisation rate is currently 4.95% with discount rates across each of the sectors now very similar at approximately 6.2%. The spread between long term bonds and discount rates is more than 500bps and remains above the long-term average, which provides support to valuations.

Sustainability

» GPT accelerated its target for all managed assets to be certified as operating carbon neutral by the end of 2024
» 100% of GWOF’s operational buildings certified carbon neutral in 2020 using the NABERS verification pathway of Climate Active for Buildings, in alignment with the International Greenhouse Gas Protocol
» Ranked 2nd globally for real estate companies listed in the Dow Jones Sustainability Index
» GPT and its Funds retained the maximum 5 star status as measured by GRESB for ESG management and performance
» GPT Office Portfolio average NABERS Energy rating of 5.8 stars[1]
» GPT Retail Portfolio average NABERS Energy rating of 4.4 stars[2]
» Released inaugural Modern Slavery Statement

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100%
GWOF operational Ranked 2nd
buildings certified Globally in real estate
carbon neutral Dow Jones Sustainability Index
1.2. 5.8 stars with Green Power and 5.1 stars without Green PowerWithout Green Power THE GPT GROUP | 2020 ANNUAL RESULT 8
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Despite the challenges that COVID-19 presented in 2020, we continued to make progress toward our target to have all our managed assets operating carbon neutral by 2024.

During the year GWOF’s assets were certified as operating carbon neutral, making GWOF the first property portfolio of scale within the World Green Building Council network, to achieve this milestone.

The Group was also ranked 2nd globally for real estate in the Dow Jones Sustainability Index and we again achieved the maximum 5 star status for our ESG management and performance, as measured by GRESB.

Furthermore, across the office portfolio, we achieved a NABERS energy rating average of 5.8 stars and across the retail portfolio we achieved an average of 4.4 stars.

We also recently launched our Modern Slavery and Human Rights Statements. You will find more information on this in our inaugural integrated Annual Report we released today.

Group Strategy

Our purpose is to create value for investors by providing high quality real estate spaces that enable people to excel and our customers and communities to prosper in a sustainable way

Strategic Priorities

Execution

» Logistics portfolio growth from $1.9b to $3.0b over past two years
» Grow our high quality real estate portfolio through developments and acquisitions in Australia’s largest property markets
» Worked closely with customers to manage through the COVID-19 pandemic while adjusting to meet their changing expectations
» Exceed customer expectations by leveraging our extensive real estate skills to deliver leading asset management and sustainability performance
» Attained industry leading Sustainability certification and recognition
» Increased capital allocation to Logistics, now accounting for 21% of Group assets
» Increase capital allocation to Logistics through development and acquisition of quality assets in high demand locations
» Capital partnership with QuadReal Property Group for $800m Logistics portfolio
» Extend our capital partnerships with investors through unlisted Logistics portfolio real estate funds and direct mandates to deliver attractive risk » Sold 1 Farrer Place, providing further balance sheet capacity to
adjusted returns over the long term pursue emerging growth opportunities
» Maintain disciplined and prudent capital management

THE GPT GROUP | 2020 ANNUAL RESULT 9

So while the year has been challenging, we have continued to execute on our strategic priorities.

Fundamental to our strategy is developing, acquiring and proactively managing a high quality diversified portfolio of assets that will generate growing and predictable earnings and create value for securityholders.

A key consideration in our strategy is market selection and we believe in the long term attractiveness of our major cities of Sydney, Melbourne and Brisbane, despite the recent disruption from COVID-19.

Increasing our capital allocation to Logistics has been a priority and we continue to execute on both developing and acquiring assets in locations that will be underpinned by tenant demand, which in turn will drive rent and valuation growth.

Over the last 2 years, the Logistics portfolio value has grown from $1.9 billion to $3.0 billion.

Our brand and capabilities in the sector are now well established and to further accelerate this growth we have formed a capital partnership with the QuadReal

Property Group. We will provide development and management services for the partnership with a target to deploy $800 million of capital on a 50:50 basis. This will be done through a combination of acquisitions and developments.

We see this as an important step in growing our Funds Management platform, as well as leveraging our real estate skills with a high quality capital partner.

In 2020 we sold 1 Farrer Place, and those proceeds along with existing balance sheet capacity ensures that we are well placed to fund the logistics partnership, as well as other growth opportunities.

Furthermore, given GPT securities are trading at a material discount to our NTA, we have also announced today we will initiate an on-market buy-back. We believe that there is a fundamental disconnect between our security price and the value of our business.

Our gearing remains conservative and we are well positioned to benefit from the economic recovery, which should accelerate as the vaccine program is rolled out.

I will now hand over to Anastasia Clarke to provide you with further details on the financial results and our capital management settings.

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Finance and Treasury
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Thank you Bob. Good morning.

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Financial Summary
($m) 2020 2019 Change
Funds From Operations (FFO) 554.7 613.7 (9.6%) $
554.7m
Valuation (decreases)/increases (712.5) 342.2 Funds From Operations
Treasury instruments marked to market (52.2) (82.7)
Other items (3.1) 6.8 -$
213.1m
Net (Loss) / Profit After Tax (213.1) 880.0 Statutory net loss after tax
Funds From Operations per security (cents) 28.48 32.68 (12.9%)
Operating Cash Flow 490.2 614.6 (20.2%) 22.5cents
Free Cash Flow 438.3 498.1 (12.0%) Distribution per security
Distribution per security (cents) 22.50 26.48 (15.0%)
THE GPT GROUP | 2020 ANNUAL RESULT 11
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Starting with the annual Financial Results for the Group for the 12 months to 31 December 2020 on slide 11.

Funds From Operations is $554.7 million, a decrease of 12.9% per security on 2019, driven by the impacts of the pandemic, predominantly in Retail.

Our statutory loss of $213.1 million is due to the investment property devaluations, mostly in our Retail portfolio.

Mark to market losses of $52.2m are a result of market interest rates reducing by approximately 85bps last year in line with the RBA setting historic low interest rates.

Free cash flow of $438.3 million grew by 40% in second half compared to first half 2020, reflecting the strong last quarter cash collection rates of rent and debtors.

The strong free cash flow in the second half of 2020 has resulted in a 13.2 cents per security final distribution, taking the full year distribution to 22.5 cents per security.

The distribution declared today represents a payout ratio of 100%, being the midpoint of our target payout range of between 95 and 105% of free cash flow. We expect to pay the distribution on 26 February.

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Segment Result
($m) 2020 2019 Change Comments
Retail 225.7 326.0 (30.8%) Net property revenue reduced 28%; property cost savings 12.5%; COVID-19 rent impact of -$83.5m
Office 281.9 276.3 2.0% Contribution from acquisition of Darling Park, offset by dilution in GPT’s co-ownership stake in GWOF; COVID-19 rent impact of -$11.5m
Logistics 139.4 121.0 15.2% Contribution from acquisitions and developments fully leased on completion and increased occupancy; COVID-19 rent impact of -$0.3m
Funds Management 47.2 46.3 1.9% Growth from GWOF acquisitions and developments, cost savings, partially offset by devaluations in GWSCF
Finance Costs (102.7) (108.0) (4.9%) Cost of debt 3.1%, saving 50bps on 2019
Corporate (36.8) (47.9) (23.2%) Bonus schemes cancelled, discretionary cost savings and JobKeeper received
Funds From Operations 554.7 613.7 (9.6%)
Maintenance capex (32.0) (55.2) (42.0%) Reduction and deferral of discretionary capex
Lease incentives (59.0) (61.0) (3.3%) Decrease due to lower leasing in Retail offset by successful leasing in Office and Logistics portfolio
Adjusted Funds From Operations 463.7 497.5 (6.8%)
THE GPT GROUP | 2020 ANNUAL RESULT 12
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Turning to slide 12, the Segment Result.

Our earnings result was significantly impacted by COVID-19 rent waivers and debtor provisions of $95.3 million.

$83.5 million of this impact is in the Retail segment and a further $11.5 million is for retail tenants in the Office segment.

Besides retail rent revenue being lower, ancillary income from carparks, turnover rent and property management fees has also been impacted. This was somewhat offset by property cost savings of 12.5%.

The Office segment achieved modest growth from fixed rent increases and the full year contribution from the acquisition of Darling Park in 2019, offset by lower occupancy and COVID-19 rental waivers and provisions.

The benefits of a diversified portfolio are demonstrated in the result, with the Logistics segment up 15.2%. Part of the increase is due to the contribution from acquisitions and developments being fully leased on completion. There has also been strong growth from higher occupancy and fixed rent increases.

The overall Group result was aided by a reduction in interest rates resulting in a lower average cost of debt of 3.1%, 50bps lower than 2019.

Corporate costs were reduced due to the withdrawal of the 2020 bonus schemes, a decrease in discretionary spending, and assistance from JobKeeper, partly offset by higher Directors & Officers insurance premiums.

Maintenance capex decreased during the year as non-essential capital expenditure was deferred given the COVID-19 uncertainty.

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Domestic bank
debt
2%
Capital Management Sources of Drawn DebtAs at 31 December 2020 CPI Bonds2% Secured bank debt3%
» Modest gearing of 23.2% Commercial
Paper
» Liquidity of $1.8b which fully funds current commitments through to 2024 USPP 14%
41% Bank Debt
» Issued $300m of 12 year domestic MTNs at a margin of 160bps 5%
» Issued ~A$200m equivalent HKD MTNs for an average 11 year termat an average margin of 173bps Debt Capital Markets95% Domestic MTNs
» Extended $1.4b of bank facilities by an average of 1.7 years 26%
» Average 63% hedged over the next 2.5 years
» Cost of debt ~2.5% for 2021 Debt Maturity Profile Foreign MTNs
As at 31 December 2020 12%
600 $
Key Statistics 2020 2019 500 1.8b
Net Tangible Assets per security [1] $5.57 $5.80 400 Liquidity
Net Gearing 23.2% 22.1% 300
Weighted average cost of debt 3.1% 3.6% 200
100
Weighted average term to maturity 7.8 years 7.7 years 0
Interest cover ratio 6.4x 6.7x 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Credit ratings (S&P/Moody’s) A/A2 A/A2 CPI Bonds US Private Placements Medium Term Notes Drawn Bank Facilities Undrawn Bank Facilities
1. 2020 does not include 2H 2020 distribution of 13.2cps declared on 15 February 2021 THE GPT GROUP | 2020 ANNUAL RESULT 13
$m
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Turning to slide 13 on capital management.

Gearing is modest at 23.2% and we continue to maintain an elevated level of available liquidity of $1.8 billion. This places the Group in a strong capital position to both turn on a security buy-back and continue to invest in our strategic growth in the Logistics sector.

Throughout the year we raised approximately $500 million of low cost additional liquidity from issuing long dated medium term notes in the debt capital markets.

Our incremental cost of debt, all-in, is circa 1.5% and we estimate our average cost of debt for 2021 to be approximately 2.5%.

We believe the Group will benefit from an extended period of low interest rates as foreshadowed by the RBA.

As a result, we continue to transition to lower interest rate hedging levels and shorter duration.

During 2020 we reduced our hedge term from 4 years to 2.5 years, and the hedge

level is expected to reduce to approximately 60% by the end of 2021.

In summary we are well positioned to benefit from the recovery underway and the significant available balance sheet capacity to invest.

I will now hand over to Matthew Faddy, to provide an update on the Office and Logistics segments.

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Office and Logistics
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Office Overview
Portfolio Size and Geographic Exposure
99,600sqm 5.1years 98%
Signed Leases Office WALE Net billings
(by income) collected
Office Retail
Summary $5.6b Sydney 54% $5.5b
Melbourne 36%
» Segment contribution of $281.9m up 2.0%, with fixed rent Brisbane 10%
increases and portfolio composition changes partially offset by
lower occupancy and COVID-19 rental assistance and provisions
» Office occupancy of 94.9% [1]
» Divestment of the Group’s interest in 1 Farrer Place, Sydney for
584.6m, in line with 30 June 2020 valuation Logistics
» Office valuations broadly flat on June 2020, WACR of 4.89%
» Development of 32 Smith in Parramatta achieved practical $3.0b
completion in January 2021, 70% leased including Heads of
Agreement (HoA)
1. Excludes assets under development THE GPT GROUP | 2020 ANNUAL RESULT 15
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Thank you Anastasia.

The quality of the GPT Office & Logistics portfolios and our customer focus has been clearly demonstrated through 2020.

In the Office portfolio, we have concluded 100,000sqm of leasing, with a WALE in excess of 5 years and 98% of net billings collected.

Segment FFO of $282 million has been delivered, and portfolio occupancy is 94.9%.

We continue to progress delivery of our development pipeline, with 32 Smith achieving practical completion in January, and a pipeline of opportunities in excess of $3.5 billion.

The events of 2020 have seen customers more broadly adopt flexible working, but they recognise the importance of high quality office space to achieve ongoing success. GPT is well positioned to respond to the changing market, leveraging investments we have made in our portfolio to provide flexible working spaces, integrated technology and healthy buildings.

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Office Valuations
» All assets independently valued as at 31 December 2020, with WACR
of 4.89%
» Second half valuations broadly flat on June 2020
– Uplift driven primarily by metro assets 32 Smith and 4 Murray Rose
Avenue
– Valuers have increased incentives, which were offset by a firming
of discount rates
Valuation
Office Portfolio (includes GWOF Equity Interest) Movement ($m) Change
6 months to 30 June 2020 -$105.0 -1.7%
6 months to 31 December 2020 +$31.2 +0.5%
Total 12 months -$73.8 -1.2%
» Divestment of 1 Farrer Place, Sydney (25% share) successfully completed
– Sale proceeds of $584.6m in line with 30 June 2020 valuation
– Achieved an average total return over the past 5 years of 12% per annum
Riverside Centre, Brisbane
THE GPT GROUP | 2020 ANNUAL RESULT 16
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All assets were independently valued in December, with a weighted average capitalisation rate of 4.89%.

The Office valuations were up by 0.5% in the second half, with a 1.2% moderation for the year.

The valuations reflected the softer rental market, however this has been offset by the firming of discount rates. The valuations of our prime office portfolio have been supported by sale transactions in the second half.

One of these transactions was the divestment of Farrer Place in Sydney which we concluded in line with the June valuation of $584.6 million. This successful sale, at a strong price, crystallises a total return of 12% per annum over the past 5 years.

Office Leasing

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» Achieved 99,600sqm of signed leases with additional 26,500sqm at
HoA across operational portfolio and developments
» Office Occupancy of 94.9% [1] and WALE of 5.1 years 2020 Heads of Agreements by Quarter
» Technology users remain active with 13 deals including Salesforce,
ELMO Software and Empired 40,000 40
35
Leases concluded with key customers
30,000 30
Darling Park 1, Sydney 16,800sqm 25
8 Exhibition Street, Melbourne 14,900sqm 20,000 16 20
13
550 Bourke Street, Melbourne 6,800sqm 10,000 10
Melbourne Central Tower 6,700sqm
0 0
1Q 2020 2Q 2020 3Q 2020 4Q 2020
Darling Park 3, Sydney 5,900sqm
Area (sqm) Deal Count (#)
1. Excludes assets under development THE GPT GROUP | 2020 ANNUAL RESULT 17
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Leases have been signed across 100,000sqm with an additional 26,000sqm at heads of agreement.

Portfolio occupancy is 94.9% with 7% of income expiring in 2021.

The timing of COVID-19 was a headwind for our 550 Bourke Street leasing campaign. The new lobby is now complete and pleasingly leasing is progressing with BAE Systems taking a 10 year lease across 7,000sqm.

Through the second half of 2020 we have seen a rebound in leasing volumes, with the doubling of GPT heads of agreement numbers in the second half of 2020.

Of the leasing we completed with sitting tenants, around three quarters kept the same amount of space, with the remaining a mix between downsizes and expansions.

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70%
Committed [1]
Office Development Completion
32 Smith, Parramatta
» Achieved practical completion in January 2021
» Leasing well progressed with 70% now committed [1]
» Increased floor area achieved through approval of an additional mezzanine office
floor, with a HoA in place
» The 28-level tower features touch free access and lift controls, an Integrated
Communications Network backbone adaptable for latest technologies and thermal
heat mapping sensors
32 Smith, Parramatta
Expected End Value >$330m
Expected Yield on Cost >6.4%
Office NLA 26,900sqm
Retail NLA 300sqm
Carparks 110
Sustainability 6 Star Green Star – Design rating achieved6 Star NABERS Energy (with Green Power) rating targeted
1. Includes HoA THE GPT GROUP | 2020 ANNUAL RESULT 18
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Last month, our office tower 32 Smith in Parramatta achieved practical completion.

Leasing has reached 70% including heads of agreement, with QBE anchoring the development. We anticipate leasing progress will continue through 2021, with remaining space targeting full floor and part floor tenants.

The asset has an expected end value of over $330 million, with an expected yield on cost of greater than 6.4% and a completion capitalisation rate of 5.125%, this will be a successful development entry into the Parramatta market.

Office Development Pipeline

» Queen & Collins, Melbourne is progressing with completion in 2Q 2021

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» Progressing pipeline to take advantage of the next market cycle. Expected end
value on completion in excess of $3.5b [1]
Project Ownership Lettable Area [2]
Queen & CollinsMelbourne, VIC 100% GWOF ~35,000sqm Office NLA ~20% leased including HoA Queen & Collins, Melbourne. Artist’s impression
87-91 George Street Parramatta, NSW 100% GWOF ~75,000sqm~30,000 to Stage 1 DA being advanced
Cockle Bay Park Sydney, NSW 50% GWOF25% GPT / ~73,000sqm Stage 1 DA secured with Stage 2 DA submission 3Q 2021
Cnr of George & Bathurst Sydney, NSW 100% GWOF ~10,000sqm Progressing scheme
300 Lonsdale Street Melbourne, VIC 100% GPT ~21,000sqm Targeting pre-commitment tenants
51 Flinders Lane Melbourne, VIC 100% GWOF ~30,000sqm DA approved in 2020, expected commencement 2022
Skygarden Brisbane, QLD 100% GWOF ~29,000sqm Progressing scheme
Queen & Collins, Melbourne. Artist’s impression
1.2. Includes both GPT direct and Fund opportunitiesOffice and Retail area, subject to authority approvals THE GPT GROUP | 2020 ANNUAL RESULT 19
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Within our portfolio, we are progressing a number of exciting future development opportunities.

In Melbourne, the underway Queen & Collins project is on track to be completed in the first half, and leasing is progressing with approximately 20% of the office space now committed including terms agreed. We are engaged with a number of potential tenants and look forward to continuing the positive leasing momentum.

Across the portfolio six projects are being advanced through planning ahead of the next market cycle, and are expected to deliver approximately $3.5 billion of asset creation opportunities for the Group.

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Future of Office | GPT View
Hybrid Model
Anticipate large organisations continue to evolve to a hybrid model,
with a portion of the working week at home
Physical office to remain important
Socialisation aspects and face-to-face interaction increasingly important
Collaboration Innovation Learning Culture
Vibrant CBDs
CBDs will remain predominant location for the majority of office occupiers
Flexibility
Increased demand for flexible space, including team and collaboration spaces
Healthy Buildings and ESG Investments
Heightened focus on health and wellbeing, minimisation of environmental footprint
Cockle Bay Park, Sydney. Artist’s impression
THE GPT GROUP | 2020 ANNUAL RESULT 20
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We are engaging closely with customers to gain insights into the future of the office. Through these conversations it is clear that the office will play an important role for high performing organisations.

The trend towards greater flexibility was already evident pre-COVID, with the ABS estimating 32% of employed people regularly worked from home[1] . Through 2020 this trend has accelerated and we anticipate that the Hybrid work model will continue, with the office to be the cornerstone for most organisations.

Business leaders are telling us that the office is important to bring teams together to collaborate, innovate, learn and most importantly create the culture of an organisation.

We expect the majority of offices will remain in CBDs and there will be a greater focus on flexibility, wellbeing and sustainability.

[1] Australian Bureau of Statistics, Working Arrangements (For employed people in August 2019, 32% regularly worked from home) https://www.abs.gov.au/statistics/labour/earnings-and-work-hours/working-arrangements/latest-release#datadownloads

Customer Insights | GPT Response

» Proactively engaging with customers, responding to evolving flexibility requirements and focus on health, wellbeing and sustainability
» Experienced team with track record in creating and managing space

Flexibility

Space&Co.

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5
Space&Co.
Venues
Space&Co., 2 Southbank Boulevard, Melbourne
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» Curated flexible on-demand spaces
» Rapidly evolving with focus on collaboration and team rooms
» High customer advocacy for the offer with ~50% of 2020 Space&Co. income from existing GPT tenants

Healthy Buildings and ESG Investments

Healthy Building Upgrades

» Touch free lift and access enablement through smart phone app

Furnished Suites

» Furnished and cabled office suites providing a “ready to move in” solution
» Ideal for growing businesses and satellite offices

Lease Flexibility

» Large occupiers looking for core and flex spaces
» Short form lease, facilitating faster documentation and ease of use
» Improved air quality through air filtration upgrades to MERV 14/15
(common in healthcare settings) and ultraviolet air purification
» Piloted at 580 George Street, Sydney with wider roll-out underway

Investing in Sustainability

» Carbon neutral certification achieved for all GWOF operational assets
» NABERS Energy rating (with Green Power) of 5 stars or above for all assets[1]
Excludes assets being held for development or under development/refurbishment THE GPT GROUP | 2020 ANNUAL RESULT 21

Our response to these insights include the evolution of our flexible workspace offering Space&Co. to focus more on collaboration spaces and team rooms.

With a presence in five assets, this will grow in 2021 with the introduction of a Space&Co. at 32 Smith, along with the next evolution of our flexible workspace offering at Queen & Collins.

Our Sydney venue is approximately 90% occupied and we expect to see occupancy rates increase in Melbourne through the first half of 2021.

We are also enhancing our portfolio of prime assets through healthy building initiatives to support occupants as they return more broadly to the workplace. These initiatives have been piloted at 580 George Street with a wider roll out underway.

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Office Market Outlook
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» Over the long term, prime assets have outperformed secondary assets, with higher net absorption and lower vacancy[1]
» Prime assets expected to benefit as occupiers upgrade to assets that provide healthy, modern and technology enabled spaces
» Expect to see divergence in performance of prime and secondary assets, with accelerated obsolescence of older product

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» Vacancy rates likely to remain elevated given new supply and potential Darling Park, Sydney
sublease space
» Continued investor demand for quality assets, with low interest rate
environment
and appetite for Australian real estate
Premium A Grade
Vacancy ↑
63% GPT’s Office 37%
Effective Rents ↓ Portfolio
2021
100% Prime ²
Outlook Investor Demand – Prime ↔
Investor Demand – Secondary ↓
1.2. JLL Research, December 2002 – December 2020By Value. Excludes assets held for development (32 Flinders Street and 87-91 George Street) THE GPT GROUP | 2020 ANNUAL RESULT 22
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Our expectation is that future of office trends will result in a divergence in performance between prime and secondary assets.

Occupiers of secondary office buildings will look to upgrade to prime office space, attracted by quality amenity, health and wellbeing initiatives.

Face rentals are generally holding firm across the GPT portfolio, although lease incentives will remain elevated as a result of increased market vacancy.

Pleasingly we are seeing increasing leasing activity across our portfolio with the number of tenant inspections in first 6 weeks of 2021 up on the same period last year.

Investor demand remains strong for prime assets with investors taking a long term view.

The Australian prime office market remains attractive to both domestic and global investors. The low interest rate environment, stable government and the successful management of the pandemic provide a supportive macro environment for real estate investors.

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GPT’s Office Portfolio Resilience
» 100% prime grade portfolio [1 ] across eastern seaboard in deepest office
markets
» Portfolio benefits from a diverse mix of high quality occupiers
– Majority financial and insurance institutions, global technology
and professional services
– Collected 98% of net billings in 2020
» As restrictions ease we expect to see accelerated return in Sydney and Space&Co., 2 Southbank Boulevard, Melbourne
Melbourne, in line with trends in other markets
2021 Focus
Return to the Office [2] » Focused on the present and positioning our portfolio of
80% 80% high quality assets for future growth
63% 66% 68% 69% Safety, health and wellbeing of occupants
45%
31% Customer engagement
Completing leasing transactions and
maintaining high collection rates
Melbourne Sydney CBD Brisbane CBD Perth CBD Canberra Adelaide CBD Hobart CBD Darwin CBD
CBD Jul-20 Jan-21 Progressing our development projects
1.2. Excludes assets held for development (32 Flinders Street and 87-91 George Street)Property Council of Australia. Level of occupancy in CBD office buildings based on responses from Property Council members who own or manage office buildings. THE GPT GROUP | 2020 ANNUAL RESULT 23
January period reflects 27 January 2021 – 4 February 2021
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Our portfolio remains well-placed to perform as restrictions ease, as demonstrated through leasing success in 2020 and our high rental collections.

We will continue to progress our pipeline of development opportunities to be shovel ready once market conditions are favourable.

The GPT Office team have positioned our prime portfolio to deliver for our customers, through developments, lobby refurbishments, health and wellbeing initiatives. We are looking to capitalise on the leasing momentum from the second half of 2020 and deliver our leasing strategy.

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Logistics Overview
Portfolio Size and Geographic Exposure
15.2% 99.8% 6.7years
Logistics Portfolio Logistics WALE
FFO growth Occupancy (by income)
Office Retail
Summary $5.6b Sydney 63% $5.5b
Melbourne 28%
» Segment contribution of $139.4m, with 100% of net billings Brisbane 9%
collected and comparable income growth of 3.1%
» Portfolio growth of 22% to $3.0b with 165,100sqm developed
and acquired
» Development pipeline with an expected end value of ~$1b [1]
» Capital partnership established via GPT QuadReal Logistics Trust Logistics
» to jointly invest in development opportunities and acquisitionsPortfolio valuation uplift of $227.8m $3.0b
1. Estimated end value on completion of underway and pipeline projects at GPT share THE GPT GROUP | 2020 ANNUAL RESULT 24
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The Logistics portfolio has delivered excellent results in 2020, with the portfolio growing to $3 billion, now representing 21% of GPT investment portfolio.

Logistics FFO is up 15.2% to $139 million, as a result of positive leasing outcomes and portfolio growth.

Occupancy remains high at 99.8% and 100% of net billings have been collected, delivering comparable income growth of 3.1%.

Growth has been achieved through development completions and targeted investments in preferred markets. We have also established a Logistics Partnership with QuadReal that will be covered in the Funds Management update.

During the year valuation uplift of $228 million has been delivered, with strong demand for prime logistics assets from both domestic and offshore investors.

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Logistics Leasing
» Achieved signed leases of 185,500sqm plus 11,100sqm at Heads of Agreement
(HoA) across operational portfolio and developments
» High occupancy of 99.8% and WALE of 6.7 years
» Average fixed rent increases of 3.2% across 93% of portfolio income
» Quality customer base, more than 70% of income from ASX listed groups and
multi-nationals [1]
Transport, Postal & Warehousing Trade (Retail & Wholesale)
Toll Coles
Scott’s Refrigerated Logistics 31% Portfolio 30% Australian Pharmaceutical Industries
TNTLinfox Income Super Retail GroupWesfarmers
DHL by Customer Industry Unilever
Schenker Type
Other 12% Manufacturing
ACPE 26% IVE Group
TPG Telecom Pact Group
QBE Visy
Computershare Goodman Fielder
50 Old Wallgrove Road, Eastern Creek
1. By Income, multi-nationals inclusive of listed and unlisted groups
THE GPT GROUP | 2020 ANNUAL RESULT 25
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Our strong focus on customer relationships has resulted in 185,000sqm of leases being signed, with a further 11,000sqm at terms agreed.

The portfolio has a long WALE with high quality tenants, with over 70% of income generated from customers that are ASX listed groups or multi-nationals.

Groups expected to be beneficiaries of market trends impacting the logistics sector make up a large proportion of the portfolio, with 61% of income generated from groups engaged in Trade along with Transport, Postal & Warehousing activities.

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~45% of investment
portfolio
created through
Logistics Portfolio Growth GPT development pipeline [³]
» Growth of $542.5m in 2020 to reach $3.0b
» Acquired three assets for $202.2m
» Delivered four developments with a value of $195.5m
» Divested Yatala asset with net proceeds of $58.2m, achieving 12% premium [1]
» Valuation uplift of 9.3%, with WACR firming from 5.40% to 4.84% in the 12 months
GPT Logistics Portfolio ²
Investment Portfolio
Assets Under Development $3.0b
$2.4b
$1.9b
$1.5b
2017 2018 2019 2020
50 Old Wallgrove Road, Eastern Creek
1. Premium to Book Value at divestment date
2. As at 31 December of each year, includes Assets Held for Sale THE GPT GROUP | 2020 ANNUAL RESULT 26
3. By Value
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Portfolio growth of $543 million has been delivered in 2020 with assets acquired for $202 million and development completions totalling $195 million.

Valuation uplift of 9.3% has been delivered, and the weighted average capitalisation rate has firmed to 4.84%.

The value of the GPT logistics portfolio has doubled since 2017, with around half of the investment portfolio created via our development pipeline.

This growth momentum is set to continue into 2021.

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Logistics Development Completions
» Five development completions
– Four facilities delivered in 2020 totalling 90,000sqm
– Additional 17,100sqm facility delivered in February 2021
» Introducing new high quality customers including Visy and DHL
» GPT Logistics team have strong track record of delivering projects
and securing leasing outcomes
2 Ironbark Close, Berrinba
Yield on
Suburb State Completion Fair Value¹ Cost Area WALE by Income¹ Tenant
2 Ironbark Close Berrinba QLD 1H 2020 $57.0m 6.1% 20,600sqm 9.2 years DHL
30 Ironbark Close Berrinba QLD 1H 2020 $31.3m 6.5% 14,400sqm 4.5 years JB Hi-Fi and Windoware
38A Pine Road Yennora NSW 1H 2020 $13.6m 5.8% 4,800sqm 4.2 years Westcon Group
128 Andrews Road Penrith NSW 2H 2020 $93.6m 5.4% 50,200sqm 9.7 years Visy
2020 Completions $195.5m 5.8% 90,000sqm 8.3 years
42 Cox Place Glendenning NSW 1H 2021 $44.4m [²] 17,100sqm Negotiations advancing
1.2. As at 31 December 2020Forecast end value THE GPT GROUP | 2020 ANNUAL RESULT 27
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Four developments were completed over the year.

In the first half, three facilities were delivered for DHL, JB Hi-Fi and Westcon. In the second half, the 50,000sqm facility leased to Visy for 10 years at Penrith was completed.

The developments undertaken in 2020 delivered a yield on cost of 5.8% and a WALE of 8.3 years.

Earlier this month the $44 million facility at Glendenning reached practical completion with leasing negotiations well progressed.

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Logistics Developments Underway
» Four developments are being progressed with an expected end value on completion of $158m [1,2]
» Three projects to be undertaken on a speculative basis with terms agreed for a new development in Melbourne
Artist’s impression Wembley Business Park, Berrinba, QLD Artist’s impression Gateway Logistics Hub, Truganina, VIC
$33m 16,300sqm $39m 24,000sqm
Forecast End Value Forecast GLA Forecast End Value Forecast GLA
2H 2021 2H 2021 Stage 2
Forecast Completion Forecast Project Stage
Completion
Artist’s impression Metroplex Place, Wacol, QLD Artist’s impression Gateway Logistics Hub, Truganina, VIC
$38m 17,100sqm $48m 29,800sqm
Forecast End Value ¹ Forecast GLA Forecast End Value Forecast GLA
2H 2021 2H 2021Forecast Stage 3Project Stage
Forecast Completion Completion
Confidential HoA [²]
Tenant
1.2. End value at 100%, Metroplex Place to be held within GPT QuadReal Logistics TrustGateway Stage 3 project subject to execution of binding Agreement for Lease being concluded with pre-commitment tenant. HoA signed in January 2021 THE GPT GROUP | 2020 ANNUAL RESULT 28
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We continue to create product through our development pipeline. Four projects are underway that have an expected end value of $158 million and will be completed in the second half of 2021.

Three of the projects are being undertaken on a speculative basis, with the fourth to be delivered following conclusion of lease documentation.

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Logistics Development Pipeline
» Development pipeline of ~$1b [1]
» Added to land bank with two sites secured in Queensland and Victoria
» Progressing estate in Kemps Creek (Yiribana Logistics Hub) in Western
Sydney, with land rezoning achieved in June 2020
Metroplex Place, Wacol
Artist’s impression
GPT Underway Pipeline Estimated End Expected Timing
Suburb State Ownership (sqm)² (sqm)³ Value ($m)¹ 2021 2022 2023 2024+
Gateway Logistics Hub Truganina VIC 100% 53,800 61,600 $178
865 Boundary Road Truganina VIC 100% 128,200 $205
Foundation Estate Truganina VIC 100% 10,000 $19
Austrak Business Park Somerton VIC 50% 121,300 $100
Yiribana Logistics Hub Kemps Creek NSW 100% 160,000 $445
407 Pembroke Road Minto NSW 50% 19,500 $23
Wembley Business Park Berrinba QLD 100% 16,300 21,800 $75
Metroplex Place Wacol QLD 50% 17,100 $19
Development Pipeline 87,200 522,400 $1,064
1.2. Estimated end value on completion of underway and pipeline projects at GPT share. Net of stages completed prior to February 2021Includes project subject to finalisation of lease with pre-commitment tenant THE GPT GROUP | 2020 ANNUAL RESULT 29
3. Lettable area subject to authority approvals
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The pipeline, inclusive of underway projects, has an expected end value on completion of approximately $1 billion.

We have added to the landbank, with parcels acquired in Wacol and Truganina.

The first 10 hectares at Kemps Creek has also settled, with this project now named the Yiribana Logistics Hub. We are excited about this opportunity, located in a growth corridor close to the future Western Sydney Airport and benefiting from strong transport links.

Logistics Acquisitions

» Acquired investment assets for $202.2m in 2020 adding 75,100sqm to the portfolio
» Foundation Estate acquired in December 2020 comprising three facilities plus adjoining development land, with a long WALE and quality tenants
» 917 Boundary Road in Truganina acquired in February 2021

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– Fund-through development acquired within the GPT QuadReal
Logistics Trust Foundation Estate, Truganina
– Leased to HB Commerce for 10 years from completion in 1H 2022
Purchase Initial WALE by
Suburb State Acquisition Price Yield Area Income¹ Tenant
21-23 Wirraway Drive Port Melbourne VIC 1H 2020 $32.4m 4.9% 7,200sqm 5.0 years Computershare
1 Botero Place Truganina VIC 1H 2020 $42.2m 4.8% 23,800sqm 9.4 years DHL
Foundation Estate Truganina VIC 2H 2020 $127.6m 4.2% 44,100sqm 8.1 years Laverton Cold Storage, Couriers Please, Victorian Freight Specialists, General Pants Co., Super Rack
2020 Acquisitions $202.2m 4.4% 75,100sqm 7.8 years
917 Boundary Road(Fund-through) Truganina VIC 1H 2021 $137.1m² 4.1% 70,000sqm 10.0 years³ HB Commerce, trade via VidaXL brand
1.2. As at 31 December 2020Purchase price at 100%, to be held within GPT QuadReal Logistics Trust THE GPT GROUP | 2020 ANNUAL RESULT 30
3. From forecast completion in 1H 2022
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Three Victorian assets totalling $202 million have been acquired during the year.

In December, the Foundation Estate in Truganina was acquired. Comprising three high quality facilities, the estate has a WALE of 8.1 years and is leased to five tenants engaged in cold storage, trade and transport.

This month, a $137 million fund through development was secured, also in Truganina in Melbourne’s West.

The 70,000sqm facility is expected to be completed in the first half of 2022, with a 10 year lease to global e-commerce group HB Commerce, who trade as VidaXL.

This facility has been acquired within the GPT QuadReal Logistics Trust.

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Logistics Sector Outlook
Market Outlook GPT Portfolio Growth
» Continued strength in tenant demand with eastern seaboard take-up in 2020 » Unlocking value through product creation
»» 32% above the 10 year averageLow vacancy with Sydney 3.6%, Melbourne 2.4% and Brisbane 5.3%Investment metrics expected to continue to firm, supported by strong investor demand [1] [2] ––– Five facilities completed since January 2020Four underway developments expected to complete in 2H 2021Land bank of 122 hectares for future development [4]
» Logistics outlook underpinned by: – Pipeline inclusive of underway projects of ~$1b
» Assessing acquisition opportunities in target markets
E-commerce acceleration » Modern portfolio with low capital intensity and attractive cash-on-
Australians spent ~$44.18b on online retail in 2020, cash yield
up 44.4% on prior 12 month period [3] » Long WALE assets attracting high quality customers in growth
sectors
Supply chain sophistication
Retailers investing in optimising supply chains and
logistics functions
Urbanisation
Concentration and growth of population centres
supported by infrastructure investment
1. JLL Research, Q4 2020. Average of prior 10 year period 2010 - 2019
2. Urbis Industrial Vacancy Study, Q3 2020, stock >10,000sqm THE GPT GROUP | 2020 ANNUAL RESULT 31
3. NAB Online Retail Sales Index. Comparison of 12 months to December 2020 against 12 months to December 2019
4. Includes land to settle in coming periods. Land area at 100%, includes 40 hectares held in joint ventures
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Market trends impacting the logistics sector have accelerated in 2020, most notably e-commerce.

Logistics occupiers are investing in their supply chains, and long term trends to urbanisation in key population centres are being supported by investments in transport infrastructure.

Market vacancy remains low, and investor demand is strong, driving asset values higher.

The GPT Logistics team continue to deliver enviable results through the leasing and management of our investment portfolio combined with the creation of new product.

The modern, long WALE GPT logistics portfolio combined with our land bank of 122 hectares will see a further positive contribution in 2021.

I will now hand over to Chris Barnett to present the Retail results.

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Retail
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Thank you Matt and good morning everyone.

I will now take you through the results for the Retail portfolio.

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Retail Overview
Portfolio Size and Geographic Exposure
98.0% 4.8% 95%
Portfolio Nov and Dec 2020 Dec 2020 Customer
occupancy Total Centre Sales Growth [1] Visitations vs. pcplevels [2 ]
Office Retail
$5.6b VIC 44% $5.5b
Summary
NSW 41%
QLD 10%
» Segment contribution of $225.7m impacted by lower property NT 5%
income due to rental waivers and provisions
» High net billings collection rate of 88% strengthened result in 2H
2020
» Completion of 83% of COVID-19 rental arrangements
» Valuation decline of 13.7% for the 12 months to 31 December 2020 Logistics
and WACR of 5.06% $3.0b
1.2. Excluding Melbourne Central and Travel Agencies. Comparison to pcpExcluding Melbourne Central THE GPT GROUP | 2020 ANNUAL RESULT 33
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2020 has been a challenging year for the retail industry. COVID-19 has significantly affected our retailers, our customers, our staff and our communities. However, in many ways it has brought our people and teams closer together, it has challenged us to operate our assets more efficiently and it has positively changed the way that we connect with our customers. Our aim in 2021 is to amplify the positive learnings of the past year to constructively enhance our operating business moving forward.

In terms of our financial results, the full 12 months has been predominantly impacted by the rent waivers agreed with retailers as required by the Code of Conduct and the significant restrictions imposed in Victoria.

Despite the difficult environment, the higher levels of rental collection in the 2nd half and being able to finalise the majority of COVID-19 arrangements with retailers, has considerably strengthened our financial result from where we were sitting at June.

What has been encouraging is the evident recovery and rebound of our portfolio once restrictions were eased and customers were able to return to our assets.

Excluding the CBD, our customer numbers in December were back up to 95% of 2019. In the final two months of the year, when all of our assets were able to trade freely, there was strong sales growth, particularly in NSW and at Casuarina. We feel that this will provide some positive momentum as we commence this year.

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Retail Sales and Customer Insights
Sales Recovery in November and December 2020
» Recovery evident across all states post easing of Government restrictions, Portfolio Sales and Traffic Growth (Jul – Dec 2020) [3]
particularly in the last two months of 2020 for Victoria
» Customer visitations in December 2020 across portfolio at 95% of 2019 levels [1] Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
10.0%
Combined months
Nov and Dec 2020 (vs 2019) [2] 0.0%
Centre Sales Growth Total Spec Sales Growth
NSW/NT 6.4% 5.5% -10.0%
VIC 0.7% 0.3%
Portfolio 4.8% 4.1% -20.0%
Insights – Retail Categories -30.0%
» A number of retail categories had sales growth in 2020 [2] :
-40.0%
– Supermarkets (+5.6%), Discount Department Stores (+6.9%),
Mini Major Technology (+22.2%) and Mini Major Leisure/Sports (+4.8%) VIC Govt Restrictions
-50.0%
» Several categories impacted by Government restrictions in 2020:
– Cinemas, Travel, Entertainment and Food Catering well placed for Total CentreTotal Centre ex VIC Total SpecialtiesTotal Specialties ex VIC
rebound in 2021 Traffic ex MC
1.2. Excluding Melbourne CentralExcluding Melbourne Central and Travel Agencies THE GPT GROUP | 2020 ANNUAL RESULT 34
3. Comparison to pcp
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Turning to Retail Sales which have experienced a phenomenal recovery.

For the combined months of November and December, excluding Melbourne Central and travel agencies, the Portfolio Centre Sales grew by 4.8% and Total Specialities up 4.1%.

At a state level, not surprisingly NSW and Northern Territory have led the way, with even higher sales growth, with Total Centre up 6.4% and Total Specialties up 5.5%.

Looking at sales in more detail:

At an asset level, Rouse Hill and Casuarina were the standouts for December with sales up 9% and 12% respectively.
On retail categories, there has certainly been some winners with a number of retailers reporting excellent results.
Supermarkets were up 5.6% for the 12 months as they continued to benefit from the changes in consumer spending patterns.
The Discount Department category performed well for the year, up 6.9% off the back of a strong December where the category was up 14.6%.
Continuing on from our mid-year results, our large format technology, leisure and sporting retail brands, namely JB-HiFi and Rebel Sport performed strongly in both November and December but also for the 12 months.
There are still several retail categories that are being impacted by government restrictions including Cinemas, Entertainment, Travel and Dining. With a return to normal, we feel this provides a positive opportunity for further sales growth in 2021.

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Retail Market Conditions
Retail Sales Recovery
» ABS Retail Trade Growth tracking above historical averages
» Growth led by Household Goods and a resurgence in Apparel
Consumer Confidence …. 10 Year High
» Improved consumer confidence reaching 10 year high in
December 2020
» Robust jobs growth, house price appreciation and record low
interest rates supporting sentiment and spending
» Increased levels of household savings, sitting at its highest level
in decades, provides additional capacity for further discretionary
spending growth in 2021
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THE GPT GROUP | 2020 ANNUAL RESULT 35
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Turning to the broader retail market conditions, the sales trend continues to be positive, with particularly strong growth over the final quarter of 2020.

The retail market rebound has been underpinned by economic factors that have boosted consumer confidence to its highest level in 10 years. A stronger recovery in the jobs market, an improved wealth effect given the resilience of house prices and record household savings rates are providing a solid backdrop for retail spending this year.

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Retail Market Share
GPT Portfolio Online Insights
» Recovery in portfolio sales driven by both market growth and market » Domestic omni-channel retailers, main beneficiaries of rapid growth
share gains from online in online through the COVID-19 period
» Growth of online market share reduced from peak of 26% down to 16% » Transactional data has shown omni-channel retailers with prominent
in December 2020 as customers returned to normal shopping behaviours “physical store networks” performed strongly through 2020
» Customer research … reluctant shift to online during COVID-19
restrictions with an intention to return to previous shopping habits
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THE GPT GROUP | 2020 ANNUAL RESULT 36
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Turning to slide 36, there was no doubt that on-line was able to significantly grow through the peaks of the restrictions. However, as we spoke at our mid-year results, as restrictions were relaxed, we saw our customers return to the assets.

This again was evident in the last quarter of the year, where the leakage of sales to online rapidly declined as customers returned to their normal shopping behaviours.

As demonstrated by the charts, our market share showed strong recovery particularly in the final months of the year with our market share for the month of December up from where we started the year.

Using insights from our research to understand how this growth of online may have influenced physical retailers and customer behaviour, the data from Quantium shows the omni-channel retailers have been the clear winners through the period. Further to this, the more sophisticated the omni channel platform is, the greater the sales growth achieved by that retailer across both online and their physical store networks.

Retail Leasing Update

Achieving Structured Leases with Fixed Increases

» Despite challenging conditions, retailer demand remained solid, 404 deals completed
» Leasing deals reflect strategy of securing tenants and reducing holdovers

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» New leasing deals continue to have base rents with average annual fixed increases
» COVID-19 rental assistance - agreements reached with 83% of retailers
Melbourne Central, VIC
12 months to Dec 2020
Deals Completed 404
Portfolio Occupancy 98.0%
Retention Rate 72.2%
Average Annual Fixed Increase [1,2] 4.3%
Average Lease Term [1,2] 4.0 years
Leasing Spreads [1,2] (14.1%)
Holdovers as % of Base Rent 7.7%
Charlestown Square, NSW
1.2. New leases Specialties <400sqm THE GPT GROUP | 2020 ANNUAL RESULT 37
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Now turning to leasing activity on slide 37.

Despite the challenging year, there has been considerable leasing activity, particularly in the second half of the year.

With the onset of COVID-19 we chose to strategically secure the tenure of our expiring leases to avoid uncertainty. Locking in these tenants during the second half of the year did impact our leasing spreads, however these deals were agreed on considerably shorter tenure with over 40% of them on terms of less than 36 months.

Further, this strategy has led to an increase in our retention rate and a 15% reduction in tenancies on holdover from the first half whilst our occupancy remains in line with our June result at 98%.

Importantly, our leasing deals remain structured with fixed base rents with annual increases, however, given the environment there has been a reduction in tenure which was 4 years on average for deals completed during the year.

We have also negotiated COVID-19 rental assistance with our retailers reflecting a 83% completion rate and we are looking to finalise the remaining discussions over the coming months.

Retail Valuations

» All assets independently valued as at 31 December 2020
» Revaluation movement in 2H 2020 of -$204.5m (-3.6%), predominantly driven by Melbourne Central (-8.8%)
» WACR at 5.06% (+17bps yoy), no movement in capitalisation rates on valuations completed in second half

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» Stabilisation allowances in valuations reduced by half since June 2020,
as trading recovers post COVID-19 Melbourne Central, VIC
6 months to Dec 2020
Valuation Movement
Dec 2020 Valuation ($m) ($m) Change
Rouse Hill Town Centre $645.2 +$7.1 +1.1%
Charlestown Square $874.5 +$8.5 +1.0%
Casuarina Square (50%) $209.8 +$0.9 +0.4%
Westfield Penrith (50%) $641.0 -$16.0 -2.4%
Highpoint (16.67%) $350.0 -$11.7 -3.3%
Sunshine Plaza (50%) $595.0 -$22.7 -3.7%
GWSCF (28.5%) $759.3 -$29.9 -3.9%
Melbourne Central $1,464.6 -$140.7 -8.8%
Total 6 months to Dec 2020 -$204.5 -3.6%
Total 12 months to Dec 2020 -$866.5 -13.7%
THE GPT GROUP | 2020 ANNUAL RESULT 38
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Turning to slide 38.

We undertook independent external valuations on the entire portfolio in December.

The overall portfolio revaluation for the 12 months was negative 13.7%, with the majority of this already reported at our June results. There was no cap rate movement in the second half.

The December movement of 3.6% was mainly as a result of Melbourne Central which like all CBD assets has been impacted however, leading into the COVID-19, it was the number one centre in the country with the highest sales productivity and the strongest level of customer visitation of any asset.

We are firmly of the belief that all the aspects that make Melbourne Central great will return however recovery will be slower than the rest of our Retail portfolio, which as highlighted, have rebounded strongly.

Retail Portfolio Strategy and Outlook

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Retail Themes
» “Winning Retailers” are omni-channel with both online platforms and physical stores
» Reduced customer demand for traditional anchors leading to re-purposing of space
» Customer spending on technology, leisure, personal services, dining and experiences will
continue
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GPT is responding to shifts in customer demand by investing to evolve our assets

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Evolving Asset Offers Investment In Shopping Experience
» Rightsizing/remixing anchor tenants David » Recent investment to reposition Highpoint
Jones, Myer, Target and Kmart at Highpoint and Melbourne Central as leading retail
and Rouse Hill experiences
» Over 550 new retail brands introduced across » Online delivery platforms - Retailer Runner
portfolio over past 5 years
» Remixing to growth categories, upweighting to Mixed Use Development Opportunities
omni-channel platforms
» Introduction of co-working facility ‘Waterman’ » Securing long term mixed use rights for Highpoint
at Highpoint in 2022 » Mixed use development opportunities at
Rouse Hill and Melbourne Central
» Australia’s largest high ropes course opened at
Sunshine Plaza
Highpoint Shopping Centre, VIC
THE GPT GROUP | 2020 ANNUAL RESULT 39
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The challenges we all faced as an industry in 2020 were immense.

The impacts of COVID-19 are short term however it has accelerated some key issues and structural changes that will continue to be themes for retail moving forward.

We are well advanced with our strategies to deal with the quicker onset of the repurposing of our traditional major anchors, and we will remix and downsize major stores at both Highpoint and Rouse Hill over the course of the next 12 months.

We have known for a while that customers will continue to demand more from our assets. The shift away from traditional apparel towards spend on lifestyle brands, personal services and experiences is even more pivotal and we have already been responding to this, with investment in growth retail categories and new retail experiences.

As our centres continue to evolve, mixed use will become more prominent and our assets have significant land holdings in quality growth markets and we are well placed to consider these opportunities in the future. A recent example is the lodgement in November of a development application to secure long-term mixeduse rights at Highpoint.

Whilst there are favourable conditions for retail sales and the growth at the end of the year provides a level of optimism, there is still a road to recovery as we turn to 2021. In particular, the leasing market will have its challenges as retailers continue to adapt their business models post the impacts of COVID-19. We are confident in the quality of our portfolio, which include some of Australia’s most productive retail assets. We are well placed given we were already investing in our assets and strategically responding to several the key themes which were accelerated by the onset of COVID-19.

I will now hand over to Nick to provide an update on the Funds Management business.

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Funds Management
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Funds Under Management
Funds Management
GWSCF GWOF
$ $ $ $3.9b Office 70% $9.0b
12.9b 400m 339m Retail 30%
Assets under Logistics partnership New equity
management secured raised in GWOF
Capital Partnership Logistics Trust
GPT Wholesale Funds – GWOF and GWSCF
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» GPT QuadReal Logistics Trust is a strategic partnership between GPT and QuadReal Property Group[1]
» Capital commitment of $800m in 50:50 partnership
» Trust is unseeded - Prime logistics portfolio to be created via acquisition and development
» At February 2021 ~20% of the initial target committed comprising:
$137m fund-through at Truganina, Melbourne
$38m speculative development at Wacol, Brisbane
» GPT to provide Investment Management, Capital Transactions, Property Management and Development Management services
» $339m of new equity via GWOF equity raising and DRP
» Carbon Neutral certification achieved for all GWOF operating buildings, while both funds retained 5 star status in GRESB
» George Street, Parramatta acquisition expanded GWOF development pipeline to ~$3b, with debt capacity of over $1b to fund future development and acquisition opportunities
» GWSCF distributions expected to be reinstated in 2021
» Next fund liquidity reviews:
GWOF July 2026
GWSCF March 2027
Fully owned by British Colombia Investment Management Corporation THE GPT GROUP | 2020 ANNUAL RESULT 41

Our Funds Management platform has significant scale with $12.9 billion in assets under management and it has made a 7% contribution to the Group's earnings in 2020.

Despite the onset of COVID-19 early in the year, Funds Management earnings for the full year was $47.2 million, representing annual growth of 2%.

As Bob and Matt mentioned earlier, we are pleased to have entered into a strategic capital partnership in logistics with QuadReal Property Group out of Canada. This is our first foray in the logistics sector in funds management and complements our existing funds platform in the office and retail sectors.

The GPT QuadReal Logistics Trust is a 50:50 partnership targeting to create a prime Australian logistics portfolio with a capital commitment of $800 million. We have already committed 20% of this target across two deals in Melbourne and Brisbane.

Turning to our wholesale funds. Despite the emergence of COVID-19, we successfully completed the GWOF capital raising in the first half. Including the distribution reinvestment plan, $339 million of new equity has been raised in GWOF from a mix of existing and new investors from Australia and abroad. Pleasingly we introduced

five new investors to our platform during the year.

A feature of our platform that attracts investors is GPT's ongoing commitment to and exceptional track record in ESG.

We are proud that GWOF achieved its ambitious target of Carbon Neutral certification in 2020. Reaching this milestone and having it externally verified during a pandemic is an enormous achievement.

GWOF is the largest wholesale office fund in the Australian market with a $9 billion portfolio. The fund increased its development pipeline to $3 billion following the acquisition of a development site in Parramatta.

GWOF has over $1 billion of debt capacity to fund new developments or to take advantage of any opportunities which may present themselves in the market.

The GPT funds platform is well positioned for the future. We have strong ongoing support from our existing domestic and global investors and we continue to attract new investors.

I will now hand back to Bob to provide his closing remarks.

Outlook for 2021

Priorities for 2021

» Continue to grow Logistics portfolio via acquisition and development capitalising on structural tailwinds
» Further expand Funds Management platform, with initial focus on the QuadReal capital partnership
» Strong customer engagement to secure and maximise income from our existing investment portfolio
» Progress development pipeline opportunities to activate as dictated by market conditions
» Maintain strong sustainability credentials and progress towards 2024 carbon neutral target

2021 Outlook

» Well positioned to benefit from economic recovery
» Given continued uncertainty in operating environment, no 2021 earnings or distribution guidance provided
» Expect to provide 2021 earnings and distribution guidance with March 2021 Quarter Operational Update
» On-market buy-back announced for up to 5% of securities on issue, while maintaining capacity to invest in strategic growth opportunities

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181 William and 550 Bourke Streets, Melbourne
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THE GPT GROUP | 2020 ANNUAL RESULT 42

Thanks Nick.

As you have heard throughout the presentation, despite the on-going impact of COVID-19, we have made good progress on our longer term strategic objectives and we intend to maintain this momentum in 2021.

Growing our logistics platform remains a priority, as well as ensuring that we maintain deep customer relationships across each of our portfolios, so that we can be agile and respond to their changing needs.

While we are optimistic about the outlook and our prospects, given continued uncertainty in the operating environment, evident in the recent lockdown in Victoria, we are not providing earnings or distribution guidance for 2021 today.

We currently expect to provide guidance with our first quarter operational update.

We are well positioned to benefit from the emerging economic recovery and we have a strong balance sheet providing capacity to invest in strategic growth opportunities and fund the security buy-back announced today.

So that completes our presentation and we will now open the line for your questions.

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Thank you for joining us
Questions
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Disclaimer

The information provided in this presentation has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188).

The information provided in this presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information in this presentation to determine whether it is appropriate for you.

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. While every effort is made to provide accurate and complete information, The GPT Group does not represent or warrant that the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation - such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this presentation. Information is stated as at 31 December 2020 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.

Funds from Operations (FFO) is reported in the Segment Note disclosures which are included in the financial report of The GPT Group for the 12 months ended 31 December 2020.

FFO is a financial measure that represents The GPT Group’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised or capital in nature. FFO has been determined based on guidelines established by the Property Council

of Australia. A reconciliation of FFO to Statutory Profit is included in this presentation. Key statistics for the Retail and Office divisions include GPT Group’s weighted interest in the

GPT Wholesale Shopping Centre Fund (GWSCF) and the GPT Wholesale Office Fund (GWOF) respectively.

THE GPT GROUP | 2020 ANNUAL RESULT 44

AI assistant

GPT GROUP Investor Presentation 2021

65009_rns_2021-02-14_9446ebbe-c3ac-424e-8012-43bc16ef6d37.pdf

2020 Annual Result Presentation (with speaker notes)

Sustainability

Group Strategy

Strategic Priorities

Execution

Office Leasing

Office Development Pipeline

Customer Insights | GPT Response

Healthy Buildings and ESG Investments

Furnished Suites

Investing in Sustainability

Logistics Acquisitions

Retail Leasing Update

Retail Valuations

Retail Portfolio Strategy and Outlook

Outlook for 2021

Priorities for 2021

2021 Outlook

Disclaimer

AI assistant

GPT GROUP — Investor Presentation 2021

65009_rns_2021-02-14_9446ebbe-c3ac-424e-8012-43bc16ef6d37.pdf

2020 Annual Result Presentation (with speaker notes)

Sustainability

Group Strategy

Strategic Priorities

Execution

Office Leasing

Office Development Pipeline

Customer Insights | GPT Response

Healthy Buildings and ESG Investments

Furnished Suites

Investing in Sustainability

Logistics Acquisitions

Retail Leasing Update

Retail Valuations

Retail Portfolio Strategy and Outlook

Outlook for 2021

Priorities for 2021

2021 Outlook

Disclaimer

More from GPT GROUP

GPT GROUP Investor Presentation 2021