GPT GROUP — Director's Dealing 2012

May 23, 2012

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity GPT Group comprising the stapled securities of General Property Trust (Trust) and GPT Management Holdings Limited (GPTMHL) ABN 58 071 755 609 – Trust 67 113 510 188 - GPT MHL

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Michael Cameron
Date of last notice	20/02/2012

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.
Date of change	23/05/2012
No. of securities held prior to change	470,991 stapled securities1, 369,626 performance rights
Class	Performance rights granted under GPT’s2010 Long Term Incentive Plan.
Number acquired	693,537 performance rights
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	Price of stapled securities on grant ofrights is $3.23.Price of stapled securities acquired (ifany) will be determined following thethree year performance period endingon31 December 2014.
No. of securities held after change	470,991 stapled securities2,063,163 performance rights

• See chapter 19 for defined terms.

Appendix 3Y Page 1

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Appendix 3Y Change of Director’s Interest Notice

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Performance rights granted to Mr. Cameron pursuant to the GPT Long Term Incentive Plan in respect of the 2012 year as approved by Securityholders at the Annual General meeting held on 7 May 2012.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Detail of contract	Detail of contract	N/A	N/A	N/A	N/A
	Nature of interest		N/A
(	Name of registered holder		N/A
	if issued securities)
Date of change
			N/A
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed
	o. and class of securities tohih itt ltd i t		N/A
	c neres reae pror ohane
	gote: Details are only required for a contract in relation
	o which the interest has changed
Interest acquired	nterest acquired		N/A
Interest disposed			N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	Value/Consideration		N/A
	ote: If consideration is non-cash, provide details and anstimated valuation
Interest after change			N/A
	**+ **
	art 3 –Closed Period

Part 3 –[+] Closed Period

Were the interest in the securities of contracts detailed Yes above traded during a[+] closed period where prior written clearance was required?

Part 3 –+Closed Period	Part 3 –+Closed Period	Part 3 –+Closed Period
Were the interest in the securities of contracts detailedabove traded during a+closed period where priorwritten clearance was required?			Yes
If so, was prior written clearance provided to allow thetrade to proceed during this period?	f so, was prior written clearance provided to allo	w the	Yes. GPT’s Personal Dealing
	rade to proceed during this period?		Policy permits (notwithstanding
			the trading windows) the’
			granting of rights under GPTsLonTerm Incentive Plan
			g.
If prior written clearance was provided, on what datewas this provided?			07/05/2012

• See chapter 19 for defined terms.

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