GPT GROUP — Delisting Announcement 2005

Sep 28, 2005

H

ASX Announcement

WINDING UP OF GPT SPLIT TRUST

29 September 2005

Further to the announcement of 12 September in relation to the winding up of GPT Split Trust. the net proceeds of the GPT Split Trust wind up will be paid to unitholders on Monday 10 October 2005.

As foreshadowed in section 3.1 of the Notice under Section 601NC of the Corporations Act 2001 Cth dated 9 August 2005, the net proceeds (after meeting all liabilities) per GPT stapled security (of \$3.93) will be distributed to unitholders as follows:

• Income unitholders will receive \$2.11 per unit held on the record date of 21 September 2005 (representing the first \$1.50 plus 25% of the excess received per GPT security).
• Growth unitholders will receive \$1.82 per unit held on the record date of 21 September $\bullet$ 2005 (representing the remaining 75% of the net proceeds above \$1.50).

The net proceeds received by unitholders includes a portion of the capital gain (without any CGT discount) arising on the sale of the GPT Split Trust's holding in GPT securities (of \$1.27 per Income unit and \$1.10 per Growth unit). Unitholders will be required to include this assessable capital gain in their 2006 income tax return. A detailed tax statement will be provided to all unitholders in late November 2005, providing further details in relation to this capital gain and other tax consequences arising as a result of the winding up of the GPT Split Trust.

The Trustee will, where required by law, withhold tax in respect of the capital gains component of the monies paid to unitholders. For resident unitholders, this should only arise where they have chosen not to quote a TFN or ABN.

Subject to confirmation with ASX, the revised date for removal of GPT Split Trust from the exchange is 12 October 2005.

ENDS

For further information please contact Donna Byrne GPT RE Limited* 0401 711 542

Manager of GPT Split Trust under the Management Delegation Deed dated 6 June 2005 with Lend Lease Funds Management Limited.