GPT GROUP — M&A Activity 2004

Nov 11, 2004

12 November 2004

Companies Announcement Office Australian Stock Exchange Limited Exchange Centre Level 6 20 Bridge Street Sydney NSW 2000

By electronic lodgement

Further information in relation to Merger Proposal

GPT has today determined, through beneficial tracing notices, that entities associated with Westfield have acquired approximately 4.4% of the units in GPT. While Westfield has not advised GPT of its intentions, GPT Independent Directors believe that the fact that Westfield has acquired this unit holding is information which the market should be aware of.

GPT is also aware of an article in today's Australian Financial Review by Robert Harley suggesting that the GPT investor hotline is advising the Stockland proposal is "off the table" or "has been withdrawn".

This was an isolated incident which we regret. The investor hotline operators are under strict instructions not to deviate from the script. Unfortunately, the response from the operator referred to in Mr Harley's article was inappropriate and not to the script.

GPT notes the open letter from Stockland today confirming that Stockland's offer remains available on the terms announced on 8 November. GPT assumes that if there were further material information in relation to the Stockland proposal then it would have already been disclosed to the market under Stockland's continuous disclosure obligations.

GPT's Independent Directors and management have taken all steps and continue to ensure the independence, transparency and integrity of the processes for the evaluation of the Lend Lease and Stockland proposals and the recommendations made to GPT unitholders. At no time has there been an intent or any action taken to deprive GPT unitholders of the opportunity to receive or consider any proposal.

GPT Independent Directors also announce that they have extended the time for lodgement of proxies to 5pm on Tuesday 16 November 2004. Proxies can be lodged by fax on 02 9287 0309.

Yours faithfully GPT MANAGEMENT LIMITED

James Coyne Company Secretary GPT Mananement Limited ABN 94 000 335 473 as Responsible Entity and Trustee of General Property Trust ABN 58 071 755 609

Louis A 20 The Rood 30 Hinkenn Road Millers Point NSW 2000 Australia

GPT Unitholder Service Centre Freecall 1800 025 095 Faceimile 02 9383 8146

GPT@lendlease.com.au

www.gpt.com.as