Slide 1: AS
AS
Slide 2: Highlights
Highlights 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 GPT
Slide 3: Growth Profile Enhanced
Growth Profile Enhanced — Distribution (cpu) Growth Earnings (cpu) EPU Growth Underlying Growth* 1 Yr Total Return * Excludes the impact of the change in fee 2000 2001 19.3 19.7 2.3% 2.1% 19.3 19.7 2.3% 2.1% 2.3% 2.1% 20.1% 9.9% 2002 20.4 3.5% 20.4 3.6% 3.6% 12.8%
Slide 4: Financial Performance
Financial Performance Net Operating Income Total Assets Total Borrowings Interest Cover Gearing NTA per unit 2002 +6.0% $6.7b $1.4b 5.6x 20.3% $2.60 GPT
Slide 5: Retail $3.8 billion (50%)
Retail $3.8 bill etail $3.8 billion (50% aa
Slide 6: Key Results: Shopping Centres
Key Results: Shopping Centres ¢ 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 GPT
Slide 7: Homemaker Strategy Delivering
Homemaker Strategy Delivering 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 GPT
Slide 8: Erina Fair
Slide 9: 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
Slide 10: Melbourne Central
Slide 11: Melbourne Central redevelopment
Melbourne Central re ¢ 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 GPT
Slide 12: Future Projects
Future Projects ¢ 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 — Masterpla
Slide 13: Strong Development Pipeline
Strong Development Pipeline | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 Floreat Forum $48M Erina Fair $106M Melbourne Central Macarthur Square Penrith Plaza Rouse Hill Regional Centre Charlestown Square Complete * Approximate value & timing Chirnside Wollongong Sunshine Plaza $20M GPT
Slide 14: Office $2.9 billion (39%)
Slide 15: Key Results: Office
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
Slide 16: Manageable Expiry Risk
Manageable Expiry Risk Office Lease Expiry Profile by A 31 December 2003 70.0% Hi [otal Portfolio 60.0% + | gy Melbourne only 50.0% Ba 40.0% 30.0% 20.0% . 12.1% 115% 10.5% 10.6% 8.5% 84% 10.5% 10.0% 2 689 SIT 2.9% | - 0.0% 1 1 Vacant 2004 2005 2006 2007 2008 Beyond ¢ Portfolio well positioned ¢ Mana
Slide 17: Current Leasing Focus
Current Leasing Focus Australia Square Melbourne Central 179 Elizabeth Street 2004/05 Expiries — Telstra (Transit Centre) — Telstra (Melb Central) — Merrill Lynch (MLC Centre) — HSBC (HSBC Centre) GPT
Slide 18: Office Portfolio Outlook
Office Portfolio Outlook Portfolio in good shape Quality improved — Acquisitions — Refurbishments Minimal vacancy — majority in Sydney Balanced expiry profile Early indicators of improving market GPT
Slide 19: i
i
Slide 20: Hotel portfolio results
¢ Portfolio income up 4.1% ¢ Ayers Rock Resort — Revenue (5.8%) — Room Nights Sold (7.4%) — Room Rate +2.5% — GPT Income Flat ¢ Four Points by Sheraton Sydney — Revenue +9.1% — Room Nights Sold +2.4% — Room Rate +8.6% — GPT Income +11.8% GPT
Slide 21: Industrial/Business Park $290 million (4%)
Slide 22: Key Results: Industrial/Business Park
Key Results: Industrial/Business Park 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) — Stag
Slide 23: ADIC!I Did CU Da 6) =
ADIC!I Did CU Da 6) = Ee ay) a
Slide 24: Masterplanned Urban Communities
Masterplanned Urba Commuhities ; 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
Slide 25: Capital Management
Capital Management - 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) GPT
Slide 26: In Summary...
In Summary... ¢ Performance strong — Retail — high productive quality portfolio ~- 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 poten