GPT GROUP — Capital/Financing Update 2005

May 26, 2005

GENERAL PROPERTY TRUST

General Property Trust ASX Announcement

GPT CREDIT RATING

27 May 2005

General Property Trust has today received confirmation from Standard & Poor's (S&P) that, should the proposal before unitholders to internalise management proceed on 2 June 2005, S&P would assign a BBB+ rating to General Property Trust.

This rating is consistent with GPT's assumptions as laid out in GPT's Notice of Meeting and Explanatory Memorandum dated 2 May 2005 and underlies the forecasts contained in that document.

While this represents a downgrade to GPT's current rating, GPT retains a rating which is competitive in both the listed property trust sector and amongst major Australian corporates.

ENDS

Enquiries

For further information please contact:

Donna Byrne Investor Relations Manager (02) 9237 5844