Overview 3 Financial Summary 5 Investment Portfolio 11 Development Update 15 Summary & Outlook 22. Appendices 25. Presented by:

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2 Presented by: John Dakin Chief Executive Officer Andy Eakin Chief Financial Officer James Spence Director Investment Management Overview 3 Financial Summary 5 Investment Portfolio 11 Development Update 15 Summary & Outlook 22 Appendices 25 Unless otherwise noted, all numerical data provided in this presentation is stated as at 30 September Unless otherwise noted, calculation of non-gaap financial measures is as set out in the 2018 interim financial statements. Everything NZD unless otherwise stated. All figures are rounded.

3 Highbrook Business Park

4 sustainable growth + more than $600 million of sales since 2012 have repositioned the portfolio and provided balance sheet capacity to fund the development programme + two further sales were contracted following 30 September 2017: the conditional sale of Central Park Corporate Centre, Auckland, for $209.0 million Steel & Tube development in Christchurch, for $20.4 million quality assets + high quality industrial assets driving increased occupancy and rental growth, with the underlying portfolio recording a 3.8% increase in net property income from the previous corresponding period + over 70,000 sqm of space secured on new or extended terms since March + activating land is a continuing focus, with a record volume of development starts in 1H FY18 prudent capital management + look through gearing in the middle of the 30-35% preferred range + strong and diverse debt sources and liquidity profile

5 Coda Savill Link

6 Highbrook Business Park

7 + new acquisitions and developments, together with strong growth in the underlying portfolio of 3.8% has offset the impact of asset disposals FY17 YTD Acquisitions Developments Underlying portfolio Additional income Disposals FY18 YTD GMT WPH

8 + cash earnings of around 7.0 cents per unit are forecast for the year + distribution of around 94% of cash earnings + lower land holdings plus increasing industrial weighting continues to improve cash earnings $million 30 Sep Sep 16 Operating earnings after tax Capitalised borrowing costs - land (4.7) (6.4) Maintenance capex (1.3) (2.0) Cash earnings Cash earnings per unit Distributions per unit Distributions % of cash earnings 94.2% 99.6% If base fee was not reinvested in GMT units, distributions would have represented 103.6% of cash earnings (HY2017: 110.1%)

9 strong financial metrics + look through loan to value ratio of 32.4% + allowing for contracted sales, pro-forma 30 September gearing of 25.8% + debt currently 64% hedged to reduce interest rate volatility + interest cover ratio expected to be around 3.0x in 2018, well above the covenant minimum of 2.0x 37% look through loan 36% to value ratio 35.9% 35% 34% 34.2% 33.9% 33% 32% 32.4% 31% 30% 30.6% 29% 28% 27% FY14 FY15 FY16 FY17 1H18

10 well-diversified debt sources + weighted average debt term to expiry of 4.3 years + around 57% of drawn debt from non-bank sources + GMT had $260 million of headroom in its bank facility as at 30 September bank funding retained for operational flexibility debt expiry profile $m FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 Bank facilities Retail bonds USPP notes Drawn bank debt Excludes GMT s 51% share of the Wynyard Precinct Holdings Ltd joint venture debt facility. As at 30 September 2017 the joint venture had a $112 million debt facility maturing September 2019

11 Big Chill Highbrook Business Park

12 (1) (1) (1) (1) Portfolio statistics include unconditional sales and leasing transactions signed after 30 September Coda, Savill Link, Otahuhu

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14 portfolio occupancy + strong leasing with over 70,000 sqm of space secured on new or extended terms during period 100% 98% 96% 97% 96% 97% 98% 98% 97% + occupancy of 97% as at 30 September % occupancy and >70% retention within industrial portfolio + WALT of 5.8 years + 7.9% of income due to expire in FY18 + strong rental reversion occurring throughout industrial portfolio, with market reviews and new leases producing average uplift of around 4.8% 94% 92% 90% Mar-14 Mar-15 Mar-16 Mar-17 Sep-17 portfolio statistics presented are on a portfolio income basis and include the Viaduct joint venture lease expiry profile 35% 30% 25% 20% 15% 10% 5% 0% Vacant FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 >FY26 Vacant Portfolio occupancy and lease expiry profile is presented on a portfolio income basis Expiring Income

15 ACCO Highbrook Business Park

16 development projects $ (total project cost including land value) + continued focus to activate remaining land with development starts reaching record levels in 1H18 + a greater volume of development activity has included a successful industrial build-to-lease programme underway since 2012 with around 90% leased within six months of completion $ m FY14 FY15 FY16 FY17 1H18 Other Highbrook development projects sqm (net lettable area) 70,000 60,000 50,000 59,738 50,683 65,040 58,368 40,000 30,000 32,660 20,000 10,000 sqm 0 FY14 FY15 FY16 FY17 1H18 Other Highbrook

17 The Gate Warehouse, The Gate The Hill, Highbrook Business Park ACCO, Highbrook Business Park COMPLETION May 2017 VALUE $11.0m NLA 4,937 sqm COMPLETION June 2017 VALUE $17.8m NLA 7,503 sqm COMPLETION Aug 2017 VALUE $16.9m NLA 6,402 sqm

18 Coda Stage 2, Savill Link AB Equipment, Highbrook Business Park Showroom Units, Highbrook Business Park COMPLETION Nov 2017 NLA 7,410 sqm COMPLETION Nov 2017 NLA 2,929 sqm COMPLETION Nov 2017 NLA 1,730 sqm

19 Building 6 Highbrook Business Park Quest Expansion Highbrook Business Park Crossing Carpark Highbrook Business Park COMPLETION Aug 2018 NLA 3,006 sqm COMPLETION Nov 2018 ROOMS 60 COMPLETION Feb 2019 CARPARKS 343

20 + six developments announced YTD, $148.7 million total project cost + $107.0 million of additional spend, yielding 8.3% + 121,000 sqm of development land utilised + 58,368 sqm of additional NLA Development Location Additional Capital ($m) NLA Completion Date Spicers Highbrook Business Park $13.4m 9,800 sqm Apr-18 Fliway expansion Westney Industry Park $2.7m 1,895 sqm Feb-18 Gateway units Highbrook Business Park $46.1m 21,470 sqm Dec-18 Parade units Highbrook Business Park $11.0m 5,770 sqm Jul-18 Selwood units The Concourse $22.2m 10,933 sqm Dec-18 Savill Link Warehouse Savill Link $11.7m 8,500 sqm Jul-18 Total YTD $107.0m 58,368 sqm + build-to-lease units receiving strong enquiry with three Heads of Agreement signed prior to construction commencement Parade units Artist Impression Gateway units Artist Impression

21 + 98% occupancy, 5.9 year average lease term and six year average building age + park continues to experience strong retention of around 80% + More than 80% complete with over 420,000 sqm of rentable area (46,290 sqm currently under construction) + $184 million of additional capital has been invested at Highbrook over the last three years, c.61% of the total development volume + 37,040 sqm announced YTD providing yield on additional spend of 8.2%

22 Highbrook Crossing Highbrook Business Park

23 high quality business + development activity, selective sales and targeted acquisitions are refining the business and positioning GMT for sustainable growth + quality of the portfolio and location of its assets is unrivalled + strong balance sheet with over $500 million of available liquidity post contracted sales outlook + Auckland industrial sector benefitting from positive economic and demographic drivers. Growth in ecommerce an emerging trend + positive business environment and stable outlook supports continuation of current investment strategy + guidance reaffirmed: + full year operating earnings of around 9.1 cents per unit before tax + cash earnings of around 7.0 cents per unit + cash distributions totalling 6.65 cpu expected to be paid

24 VXV Plaza VXV Precinct

25 Big Chill Highbrook Business Park

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29 % hedged Hedging Level 100% 90% 80% 70% 64% 60% 50% 40% 30% 20% 10% 0% Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Period

30 Property Customer NLA (sqm) Highbrook Business Park Cottonsoft 16, The Gate Industry Park Iron Mountain (Recall) 4,931 5 Show Place Office Park Westpac 2,553 7 The Gate Industry Park Confidential 4,936 6 The Gate Industry Park Dulux (Yates) 4,114 4 The Gate Industry Park Easy2C 4,958 5 M20 Business Park New Zealand Post 3,973 1 Term (years) 42, Other 27, Total Portfolio 70,

31 Top ten customers split by subsidiary companies (% of portfolio income) New Zealand Post Group DHL Fletcher Building Fonterra Toll Spicers Air New Zealand Datacom Big Chill Distribution Officemax 0% 1% 2% 3% 4% 5%

32 Rent reviews by next review type CPI 23% Market Review 30% Fixed 47% Industry exposure portfolio income (%) Consumer services and supplies, 15.7% Food and agriculture, 7.9% Utilities, 0.2% Other, 2.4% Transportation and warehousing, 32.3% Commercial services and supplies, 16.5% Manufacturing, 25.1%