GPT GROUP — Regulatory Filings 2003

Jul 29, 2003

TAN SERIES DE L'A

Highlens

• Earnings per unit up $5.5\%$
• Distribution per unit up $4.0\%$
• Strong underlying portfolio performance
• Future expansion secured
• Developments on track
• Pipeline expanded
• Rouse Hill & Master Planned communities

Growth Profile Enhanced

	2000 (annual)	2001 (annual)	2002 (annual)	6 months June $03**$
Earnings (cents per unit)	19.3	19.7	20.4	10.7
EPU Growth	2.3%	2.1%	3.6%	5.5%
Underlying growth*	2.3%	2.1%	3.6%	3.2%
Distribution (cents per unit)	19.3	19.7	20.4	10.5
Growth	2.3%	$2.1\%$	3.5%	$4.0\%$
1 Yr Total Return	20.1%	$9.9\%$	12.8%	11.6%

GP

*Underlying growth excludes the impact of the change in fee **June 03 vs June 02

Financial Partomance

	Jun 2002	Jun 2003	$\%$ chg
Net Operating Income	\$192.5m	\$208.6m	$+8%$
	Dec 2002	Jun 2003	$\%$ chg
Total assets	\$6,696.6m	\$6,942.9m	$+4%$
Total borrowings	\$1,361.0m	\$1,595.0m	$+17%$
Gearing	20.3%	23.0%
NTA per unit	\$2.60	\$2.62

Reial \$3.5 billon (51%)

Key Results: Refail

• $\cdot$ Income up 12.5%
• Portfolio delivering growth
• Specialty productivity at \$8,489/sqm for regionals $(+2.4\%)$
• Regional specialty occupancy costs at 14.7%
• $-$ Base rent up 4.9%

Performence. Sales Productivity Benchmarks

GPT Retail Portfolio Specialty MAT/sqm (Incl. GST) June 2003

GI:

Feitomea de la Ocoupancy Productivity Benchmarks

GPT Retail Portfolio Specialty Occupancy Cost (Incl. GST) June 2003

Homenaker Strategy Deliverne

• Strong income performance
• Rental growth 7.5% at review opportunity
• Occupancy remains high at 98%
• Portfolio grown to \$351 million
• Fortitude Valley and Moorabbin
• Castle Hill expansion
• Rouse Hill Regional Centre & Erina
• Actively pursuing opportunities

Developments will Deliver Growin

• \$1.4 billion underway and planned next 7 years
• Underway
• Floreat Forum (\$46m) August 03
• $-$ Erina Fair (\$105m) $-$ end 03
• Melbourne Central (\$226m) end 04
• Masterplanning
• Macarthur Square (DA lodged)
• Rouse Hill
• Penrith Plaza
• Wollongong Central
• Charlestown Square

Office \$2,6 billion (\$\$%)

Key Results: Office

• Income up over 5%
• Occupancy remains high
• $-19,400$ sqm leased to June 2003
• $-4,200$ sqm leased July
• Strong lease expiry profile
• Average lease term 5 years
• National Building well progressed
• Stage 1 Oct 03, Stage 2 Jul 04
• $-$ Yield of 8%+

Manageable Expiry Risk

Office Lease Expiry Profile by Area 30 June 2003

• Strategy of forward leasin positioned portfolio well
• $\approx 2001 27,000$ sqm
• $\approx 2002 75,000$ sqm
• Manageable forward expiry

Key Leasing

• Darling Park
• ABA, JAL, Wesfarmers
• Australia Square
• $-$ Lend Lease
• Tattersalls
• $-$ Westpac
• Transit Centre $-$ Telstra
• 530 Collins
• UBS
• Melbourne Central
• $-$ Ex-Andersen space

Renewed

Refurbishment commenced Extension secured

Space refurbished 1 floor leased

Likely to exercise 5 year option

UBS secured for 5,200 sam Additional retail leased

Accenture secured for 5,300 sqm

Hotel/Tourism \$518 million (8%)

Key Results: Hotel/Tourism

• Portfolio income steady
• Ayers Rock Resort

- Revenue	$-3\%$
- Room Nights Sold	$-8\%$
- Room Rate	$+4\%$
- GPT Income	$-3\%$

• Four Points by Sheraton Sydney
• $-2\%$ - Revenue - Room Nights Sold $-2\%$ - Room Rate $-1\%$
• $-$ GPT Income $-2\%$

Room Nights Sold Informing

• Market bottomed
• Forward bookings encouraging ۰
• Recovery from 4^th quarter

Forward Bookings

Ayers Rock Resort Holdings for 4th Qtr 03 as of July 03

2002 RNS 2003 RNS

A

ndustrial/Business Park \$213 million (8%

Key Results: Industral/Business Park

• Income up 50%
• Occupancy 100%
• Acquisitions
• Just Jeans facility
• $-$ Quad 3
• Developments
• Stage 2 Camellia, 43% pre-leased
• Quad 4 (future opportunity)
• Stage 3 Camellia (future opportunity)
• Average lease expiry 5.4 years

Master Planed Communites

• Rouse Hill agreement to be finalised this quarter
• Actively pursuing other opportunities
• Strong partner Delfin Lend Lease
• Lots under control 35,200
• Average project size 1,600 dwellings

Capital Management

• Total Assets \$6.9 billion
• Gearing of 23% (limit 40%)
• forecast to increase to 26% by Dec 03
• Sufficient capacity for future opportunities
• Borrowings
• Maturities from within one month to 2029
• $-85%$ hedged
• Current effective interest rate 5.88%
• Average duration 3.7 years
• S&P ratings (Long term: A+, Short term: A-1)

In Summary....

• Performance strong:

• Retail high sales productivity and low occ. costs, Homemaker strategy executed, delivery of developments
• $\sim$ Office well positioned with limited vacancy and few expiry risks, focus on leasing pending recovery during 04
• Hotel refurbished assets, stable performance medium term growth expected
• Industrial well leased, development opportunities expanded, acquisition potential

GPT

Office Pontoilo: SnapShot

Offices	Occ (%)	Term	Passing $$/m^2$$	Market $$/m^{2*}$	Value $$/m^{2**}$$
Australia Square Twr (50%)	89.1	2.4	641	540	8,500
Australia Square Plz (50%)	100.0	0.7	481	439
HSBC Centre	92.1	3.1	468	439	5,400
MLC Centre (50%)	97.6	5.5	638	617	8,200
179 Elizabeth St (Tatts)	64.6	3.0	488	488	4,700
Melbourne Central	99.5	4.4	413	375	4,400
530 Collins/120 King	97.5	6.4	455	391	4,500
Riverside Centre	99.5	3.4	400	360	4,500
Black Ink House	100.0	1.8	312	280	2,400
Transit Centre (50%) (Ex Hotel)	100.0	1.3	277	266	2,700
10 & 12 Mort	100.0	3.1	379	324	3,400
Darling Park 1 (50%)	100.0	7.8	673	604	8,500
Darling Park 2 (50%)	100.0	8.3	707	595	8,500
2 Park Street (50%)	98.2	8.6	***581	489	7,300
Portfolio	96.7%	5.0	496	444	5,600

GPT

* Market rents apportioned for face and effective rents on the same basis as existing leases.

** Book value includes retail component (Cockle Bay excluded)

*** Excludes fitout rent of \$4.3m.