Slide 1: TOS a
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Slide 2: Highlights
Highlights * Underlying earnings per unit up 3.1%* * Distribution per unit up 3.8% * Strong underlying portfolio performance * Future growth — Retail development pipeline — Recent acquisitions Before abnormal items, including profit on sale of properties and costs in relation to the Lend Lease merge
Slide 3: Consistent Earnings Growth
Consistent Earnings Growth | : 2001 2002 2003 2004 Distribution (cpu) 19.7 20.4 21.2 22.0 Growth 2.1% 3.5% 3.9% 3.8% Earnings (cpu) 19.7 20.4 21.6 21.3 Underlying earnings*| 19.7 20.4 21.2 22.0 Underlying growth* |2.1% 3.6% 3.1% 3.1% 1 Yr Total Return [9.9% 128% 8.2% 33.6% * Excludes the impact of t
Slide 4: Financial Performance
Financial Performance 2003 Net Operating Income* +7.3% Total Assets $7.7b Total Borrowings $2.1b Interest Cover 5.1x Gearing 27.6% NTA per unit $2.73 « Excludes $16.5 million in costs associated with the Lend Lease merger proposal and Stockland takeover offer GPT
Slide 5: Retail $4.7 billion (53%)
Slide 6: Key Results: Shopping Centres
Key Results: Shopping Centres * Total Portfolio income up 8% * Specialty base rent per sqm up 5% * Strong sales and operating results — Total centre MAT/sqm up 4.4% — Specialty MAT/sqm up 6.4% — Regional specialty productivity at $9,355/sqm* — Regional specialty occupancy costs at 14.4%* *Excluding
Slide 7: Strong Shopping Centre Revaluations
ie Strong Shopping Centre Revaluations * 13 centres valued 6 months to December 2004 * Quality reflected in strong valuation increases — $612.5 million net increase ¢ Average capitalisation rate of 6.5% GPT
Slide 8: Melbourne Central
Melbourne Central * Major stages now open — Level 3 entertainment precinct open mid 2005 * Only 3 uncommitted tenancies « Retail mix delivered on vision — Initial trading results positive GPT
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Slide 10: Melbourne Central
Slide 11: Melbourne Central
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Slide 12: Melbourne Central
Melbourne Central.
Slide 13: Penrith Plaza
Penrith Plaza. $138 million development commenced in June 2004 Leasing progressing well Completion end 2005 On track to achieve Year 1 yield of 8% GPT
Slide 14: Macarthur Square
Macarthur Square * $200 million development ($100m GPT share) commenced in September 2004 * Leasing progressing well * Completion — Stage 1 — end 2005 — Stage 2 — early 2006 * On track to achieve Year 1 yield of 8% GPT
Slide 15: Strong Development Pipeline
Strong Development Pipeline © 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 Floreat Forum $48M Erina Fair $106M Melbourne Central $260M Penrith Plaza Macarthur Square Rouse Hill Regional Centre Charlestown Square Chirnside Wollongong Sunshine Plaza $20M Complete
Slide 16: a oo.
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Slide 17: Key Results: Office
Key Results: Office ao. * Income up 15% * Portfolio quality enhanced — Stage 2 National Building complete — Darling Park Stage 3 acquired — Refurbishments * Occupancy remains high (93.7%) — Over 120,000 sqm leased * Manageable lease expiry profile — Average lease term 6.4 years GPT
Slide 18: Manageable Expiry Risk
Manageable Expiry Risk Office Lease Expiry Profile by Area 31 December 2004* 60.0% S3.1% 50.0% 40.0% 30.0% 20.0% 13.3% 10.0% 8.1% a | Z a i oon i Vacant 2005 2006 2007 2008 2009 Beyond * Excludes Darling Park Stage 3 GPT
Slide 19: Office Portfolio Outlook
Office Portfolio Outlook: * Improving market fundamentals * Portfolio well positioned — Quality improved — Manageable expiry profile * Minimal vacancy — majority in Sydney GPT
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Slide 21: Portfolio income up 28%
« Portfolio income up 28% * Ayers Rock Resort — Revenue — Room Nights Sold — Room Rate — GPT Income +6.7% +4.6% +1.9% +10.7% ¢ Four Points by Sheraton Sydney — Revenue — Room Nights Sold — Room Rate — GPT Income +14.4% +5. 6% +8.6% +12.7% GPT
Slide 22: Portfolio Expanded
Portfolio Expanded * Voyages Lodges (P&O Resorts) acquisition $218m * Perfect strategic fit (quality & scale) — Australia’s Natural Treasures * Significant benefits — Marketing/cross selling — Greater diversity — Cost savings — Expansion land * 9.4% yield (excl land), increasing to 10% year 2 GPT
Slide 23: Industrial/Business Park $328 million (4%)
Slide 24: Key Results: Industrial/Business Park
Key Results: Industrial/Business Park. * Income up 25% * Significant development potential — Homebush Bay - Quad 3 (complete) - Quad 4 - 8 Herb Elliott Avenue - 7 Figtree Drive — Austrak, Somerton GPT
Slide 25: ies
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Slide 26: Capital Management
Capital Management — * Total Assets $9.1 billion * Gearing of 29.7% (limit 40%) * Borrowings — Maturities from within 1 month to 2029 — 93% hedged — Current effective interest rate 6.09% — Average duration 2.9 years * S&P ratings (Long term: A+, Short term: A-1) GPT
Slide 27: In Summary...
In Summary... « Performance strong — Retail — highly productive quality portfolio ~ Office — asset quality enhanced, improving market — Hotel — portfolio scale & diversity enhanced, exposure to major markets and sectors ~ Industrial — well leased, retain significant expansion and acquisition options
Slide 28: SOC
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