GPT GROUP — Investor Presentation 2004

Jan 28, 2004

Annual Resule Presentation PAUG

Etchlichts

• Earnings per unit up $5.6\%$
• Distribution per unit up 3.9%
• Strong underlying portfolio performance
• Future growth
• Retail development pipeline
• Recent acquisitions
• Masterplanned Urban Communities

Growth Profile Enhanced

	2000	2001	2002	2003
Distribution (cpu) Growth	19.3 2.3%	19.7 2.1%	20.4 3.5%	21.2 3.9%
Earnings (cpu) EPU Growth Underlying Growth*	19.3 2.3% 2.3%	19.7 2.1% $2.1\%$	20.4 3.6% 3.6%	21.6 5.6% $3.1\%$
1 Yr Total Return	$20.1\%$	9.9%	12.8%	$8.2\%$

GP

* Excludes the impact of the change in fee

Financial Performance

	2002	2003
Net Operating Income	$+6.0%$	$+7.3%$
Total Assets	\$6.7b	\$7.7b
Total Borrowings	\$1.4b	\$2.1 b
Interest Cover	5.6x	5.1x
Gearing	20.3%	27.6%
NTA per unit	\$2.60	\$2.73

Retail SS 3151110n (50%)

Key Results: Shooding Cenires

• Total Portfolio income up 11.2%
• Portfolio delivering growth
• Total Centre MAT up 2.9%
• Total Centre MAT/sqm up 1.7%
• Regional specialty productivity at \$8,755/sqm
• Regional specialty occupancy costs at 14.6%
• $-$ Base rent up 4.2%
• Positive revaluations

Homene kersteledwoch kering

• Income up $18.8\%$
• Rental growth 8.7% at review (6 months to Dec)
• Occupancy remains high at 99%
• Portfolio grown to \$415 million
• $-$ Epping
• Potential expansions
• Rouse Hill Regional Centre
• Positive valuations
• Actively pursuing opportunities

Erina Fair

Erina Fair

• \$212m expansion (\$106m GPT 50% share)
• Expansion included
• Town Square restaurants
• Leisure facilities ice rink, gymnasium
• Community facilities library, community & youth centres
• Additional retail fashion, food & homewares
• Completed ahead of schedule
• Trading very well
• Year 1 Yield of $8.5\%$ +

Melooure (eenitel

Meloourre Genral

• 65% of construction complete
• 80% of income committed
• First stage (90 new retailers) now open
• On track for completion end 2004
• Project cost \$245 million/8.5% yield
• Additional tenancies
• Increases in scope

Future Protects

• Macarthur Square
• \$160m expansion (\$80m GPT 50% share)
• DA approved December 2003
• Commencement mid 2004/complete late 2005
• Penrith Plaza
• \$130m expansion
• DA submitted
• Commencement late 2004/complete mid 2006
• Rouse Hill Town Centre
• Approx \$300m development
• Masterplan submitted
• Anticipate approval 2004/complete late 2006

Strong Davalognehusiak 16

	2002	2003	2004	2005	2006	2007	2008
Floreat Forum	\$48M
Erina Fair	\$106M
Melbourne Central
Macarthur Square				S80M*				Complete
Penrith Plaza				\$130M*				Planned
Rouse Hill Regional Centre				\$300M*				* Approximate value & timing
Charlestown Square
Chirnside
Wollongong
Sunshine Plaza	\$20M							GP

Office \$2.9 billion (39%)

Key Results: Office

• Income up 3.8%
• Portfolio quality enhanced
• 1 Farrer Place
• Stage 1 National Building complete
• Stage 2 due to complete July 04
• Refurbishments
• Occupancy remains high
• Over 47,000 sqm leased
• Leasing momentum starting to build
• Even lease expiry profile
• Average lease term 5.5 years

Manageable Expiry Risk

Office Lease Expiry Profile by Area

31 December 2003

• Manageable forward expiry
• Melbourne assets well positioned

Current Leasing Foous

• Australia Square
• Melbourne Central
• 179 Elizabeth Street
• 2004/05 Expiries
• Telstra (Transit Centre)
• Telstra (Melb Central)
• Merrill Lynch (MLC Centre)
• HSBC (HSBC Centre)

Office Pontoio Outlook

• Portfolio in good shape
• Quality improved
• Acquisitions
• Refurbishments
• Minimal vacancy majority in Sydney
• Balanced expiry profile
• Early indicators of improving market

Hotel/Tourism \$530 million (7%)

Key Results: HotelToursm

• Portfolio income up 4.1%
• Ayers Rock Resort
• $(5.8\%)$ - Revenue - Room Nights Sold $(7.4\%)$ - Room Rate $+2.5%$ - GPT Income Flat
• Four Points by Sheraton Sydney
• $+9.1%$ - Revenue
• Room Nights Sold $+2.4%$
• Room Rate $+8.6%$
• GPT Income $+11.8%$

KOY ReSults, Industrial Business Parke

• Income up 38.3%
• Occupancy 94%
• Acquisitions
• Austrak Business Park
• Just Jeans facility
• $-$ Quad 3
• 8 Herb Elliot Drive, Homebush Bay
• Future Growth Potential
• 350,000 sqm development land across Portfolio
• Austrak Business Park
• $-$ Quad 4 (option June 04)
• Stage 3 Camellia (future opportunity)
• Average lease expiry 5.9 years

Masterplanned Urban Communites

Masterolande Urban Communities

• Entered sector in Feb 2003
• Strong partner Delfin Lend Lease
• Rouse Hill to commence late 2004
• $-$ \$1 billion development
• Average capital commitment \$30m (max \$40m)
• 1,500 dwellings/lots over 10 years
• Twin Waters to commence 2005
• Cost \$20.6m (excluding acquisition costs)
• Average capital commitment \$20m (max \$30m)
• 370 dwellings/lots over 7 years
• Actively pursuing other opportunities

Oapital Manageneri

• Total Assets \$7.7 billion
• Gearing of 27.6% (limit 40%)
• Borrowings
• Maturities from within one month to 2029
• $-83%$ hedged
• Current effective interest rate 5.98%
• Average duration 3.8 years
• S&P ratings (Long term: A+, Short term: A-1)

h Summery.

• Performance strong
• Retail high productive quality portfolio
• $\sim$ Office well positioned, dependent on strength of market recovery
• Hotel refurbished assets, stable performance medium term growth expected
• Industrial well leased, significant expansion and acquisition potential
• Masterplanned Urban Communities impact on growth from 2005