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Slide 2: Highlights
Highlights Underlying earnings per unit up 3.2% Distribution per unit up 3.8% Strong underlying portfolio performance Future growth — Retail developments — Recent acquisitions GPT
Slide 3: Distribution and Earnings Growth
Distribution (cpu) Growth Earnings (cpu) EPU Growth Underlying Growth* 1 Yr Total Return 2003 | 2004** 6 months 2001 2002 2.1% 35% 3.9% 3.8% 1.9% 3.2% 3.6% 3.6% 5.6% 3.1% 2.1% 2.1% 9.9% 12.8% 8.2% |28.6% * Excludes the impact of the change in fee ** June 03 on June 04 GPT
Slide 4: Financial Performance
Financial Performance Net Operating Income Total Assets Total Borrowings Gearing NTA per unit * Adjusted for P&O Resorts acquisition Dec 2003 +7.3% $7.7b $2.1b 27.6% $2.73 Jun 2004* +3.8% $8.2b $2.4b 29.5% $2.74 GPT
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Slide 6: Key Results: Shopping Centres
Key Results: Shopping Centres ¢ 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% GPT
Slide 7: Strong Development Pipeline
Strong Development Pipeline | 2004 2005 2006 2007 2008 Floreat Forum Erina Fair Melbourne Central Penrith Plaza Complete Macarthur Square Rouse Hill Regional Centre * Approximate value & timing Charlestown Square Chirnside Wollongong Sunshine Plaza $20M GPT
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Slide 9: Melbourne Central
Slide 10: Melbourne Central
Melbourne Gentral ¢« 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, Mi
Slide 11: Penrith Plaza
Penrith Plaza ¢ 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% GPT
Slide 12: Macarthur Square
Macarthur Square 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% GPT
Slide 13: Rouse Hill Town Centre
Rouse Hill Town Centre ¢ 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 GPT
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Slide 15: Key Results: Office
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 y
Slide 16: Manageable Expiry Risk
Manageable Expiry Risk 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Office Lease Expiry Profile by Area Portfolio well positioned Manageable forward expiry Melbourne assets well positioned 30 June 2004 Hi [otal Portfolio 7 | Melbourne only 1.0% 10% oo 99% 9.4% | 3.6% 5 om 5% 15% | ™ 0.0% re
Slide 17: Office Portfolio Outlook
Office Portfolio 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 GPT
Slide 18: Hotel/Tourism $778 million (10%)
Slide 19: Key Results: Hotel/Tourism
¢ 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° GPT
Slide 20: Key Results: Hotel/Tourism
Key Results: Hotel/Tou ¢ 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% GPT
Slide 21: Portfolio Expanded
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 — Co
Slide 22: Industrial/Business Park $326 million (4%)
Slide 23: Key Results: Industrial/Business Park
Key Results: Industrial/Business Park 3 ¢ 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,
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Slide 25: Masterplanned Urban Communities
Masterplanned Urban Communities _ ¢ $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 lodge
Slide 26: Capital Management
Capital Management 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
Slide 27: In Summary...
In Summary... ¢ 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 — M