GPT GROUP — Regulatory Filings 2004

Jul 28, 2004

MIG YGET RESULE FESOREIGN

IEICHICHE

• Underlying earnings per unit up 3.2%
• Distribution per unit up 3.8%
• Strong underlying portfolio performance
• Future growth
• Retail developments
• Recent acquisitions

Growth Profile Enhanced

	2001	2002	2003	2004**
	Annual	Annual	Annual	6 months
Distribution (cpu)	19.7	20.4	21.2	10.9
Growth	2.1%	3.5%	3.9%	3.8%
Earnings (cpu)	19.7	20.4	21.6	10.9
EPU Growth	2.1%	3.6%	5.6%	1.9%
Underlying	2.1%	3.6%	$3.1\%$	$3.2\%$
Growth*
1 Yr Total Return	9.9%	12.8%	8.2%	28.6%

AP

* Excludes the impact of the change in fee ** June 03 on June 04

Financial Performance

	Dec	Jun	Jun
	2003	2004	2004*
Net Operating Income	$+7.3%$	$+3.8%$	$+3.8%$
Total Assets	\$7.7 b	\$8.0b	\$8.2 b
Total Borrowings	\$2.1 b	\$2.2 b	\$2.4b
Gearing	27.6%	27.5%	29.5%
NTA per unit	\$2.73	\$2.74	\$2.74

* Adjusted for P&O Resorts acquisition

Refail SS 9151110n (29%)

Key Results: Shopping Cenires

• Total Portfolio income up 8.4%
• Portfolio delivering growth
• Total Centre MAT/sqm up 2.7%
• Specialty MAT/sqm up 3.8%
• Regional specialty productivity at \$9,009/sqm
• Regional specialty occupancy costs at 14.6%
• $-$ Base rent/sqm up 3.9%

Strong Development Physicie

	2002	2003	2004	2005	2006	2007	2008
Floreat Forum	\$48M
Erina Fair	\$106M
Melbourne Central
Penrith Plaza								Complete
Macarthur Square				\$95M*				Planned
Rouse Hill Regional Centre					\$300-350*			* Approximate value & timing
Charlestown Square
Chirnside
Wollongong
Sunshine Plaza	\$20M							GPT

Stong Davalophent Profine

Melbourne Central

Melbourne Genuel

• 75% of construction complete
• 95% of base rental committed
• Retail Plan will deliver on Vision
• Majors Hoyts, Coles
• Large Format Borders, Freedom, Bayswiss, Fitness First
• Catalyst Tommy Hilfiger, Carhartt, GStar, Billabong, Industrie, Morrissey, Armani Exchange, Miss Sixty
• On track for completion end 2004

Pentin Pieza

• Dominant regional in Sydney's outer west
• Specialty performance very strong
• Specialty sales \$11,219/sqm
• Specialty occupancy costs 14.7%
• Compelling development proposition
• Development
• $-$ \$140 million
• Additional 100 tenancies
• Target Year 1 yield 8%

MacarinurSouare

• Dominant regional in Sydney's outer south-west
• Specialty performance very strong
• Specialty sales \$9,143/sqm
• Specialty occupancy costs 14.3%
• Compelling development proposition
• Development \$190m (\$95m GPT share)
• Target Year 1 yield 8%

ROUSE HIMMOWN CENTS

• Last greenfield regional retail opportunity in NSW
• Catchment of approx 300,000 growing at 2.9% pa
• Progress on Conditions Precedent
• Masterplan DA March 04
• Majors
• Expected to commence early 2005

Office \$8 5111611 (872%)

Key Results! Office

• Income up 12.5%
• Portfolio quality enhanced
• Stage 2 National Building complete
• Darling Park Stage 3 under development
• Refurbishments
• Occupancy remains high (93%) $-$ Over 73,000 sqm leased (19,400sqm $-$ 2003)
• Low risk lease expiry profile
• Average lease term $6.3$ years $(5.0$ years $-2003)$

Manageable Expiry Risk

Office Lease Expiry Profile by Area

30 June 2004

• Portfolio well positioned
• Manageable forward expiry
• Melbourne assets well positioned

Office Pontolo Outlook

• Portfolio well positioned for growth
• Quality improved
• Acquisitions
• Refurbishments
• Minimal vacancy majority in Sydney
• Low risk expiry profile
• Strengthening of demand expected to continue

Hotel/Tourism \$778 million (10%)

Key Results: HotelTourism

• Portfolio income up 18.3%

• Ayers Rock Resort performance improving

- Revenue*	$+4.9\%$
- Room Nights Sold*	$+4.9%$
– Room Rate	$+0.5%$
	.

• GPT Income $+11.4\%$
• Longitude 131^° now re-opened
• * Excludes Longitude 131°

Key Results: HotelTroutism

• Four Points by Sheraton Sydney showing continued strong performance

– Revenue	$+30.1%$
– Room Nights Sold	$+14.0\%$
– Room Rate	$+16.5%$
- GPT Income	$+36.2%$

Portfolio Expanded

• P&O Resorts acquisition \$225m (approx)
• $-9.4\%$ yield (excl land), increasing to 10% year 2
• Dominant owner of eco-tourism resorts
• Perfect strategic fit (quality & scale)
• Australia's Natural Treasures
• Significant benefits
• Greater diversity
• Marketing/cross selling
• Cost savings
• Expansion land

KOY RESULSHINGUSUAJAYSINGSSPENKE

• Income up 24.4%
• Occupancy 94%
• Acquisitions
• Quad 3 completed
• $-$ Quad 4
• 8 Herb Elliot Drive, Homebush Bay
• 7 Figtree Drive, Homebush Bay
• Future Growth Potential
• 350,000 sqm development land across Portfolio
• Austrak Business Park
• Homebush Bay
• Over 40,000 sqm leased
• Average lease expiry 5.6 years

Masterplanned Urban Communites

Masterolanned Urban Communites

• \$1 billion Rouse Hill Regional Centre
• Masterplan approved March 2004
• Residential construction due to commence end 2004
• Average capital commitment \$30m (max \$40m)
• 1,500 dwellings/lots over 10 years
• Twin Waters
• Stage 1 DA lodged
• Masterplan to be lodged late 2004
• Construction planned to commence end 2004
• Average capital commitment \$20m (max \$30m)
• 370 dwellings/lots over 7 years

Oadtal Managgnen

• Total Assets \$8.2 billion*
• Gearing of $29.5\%$ * (limit 40%)
• Borrowings
• Maturities from within one month to 2029
• Almost fully hedged
• $-$ Current effective interest rate 6.01%
• Average duration 3.3 years
• S&P ratings (Long term: A+, Short term: A-1)
• * Adjusted for acquisition of P&O Resorts

h Summery.

• Performance strong
• Retail highly productive, quality portfolio
• Office well positioned, dependent on strength of market recovery
• Hotel expanded portfolio, quality assets, improving performance
• Industrial portfolio grown, further expansion and acquisition potential
• Masterplanned Urban Communities projects on track, impact on growth from 2005