GPT GROUP — M&A Activity 2005

Jan 26, 2005

27 January 2005

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

STOCKLAND'S OFFER NOW CLOSING ON 4 MARCH 2005

Stockland today announced it will extend its offer to buy all Units in General Property Trust ("GPT") for 0.608 Stockland Securities for one month. Stockland's offer will now close on 4 March 2005.

Stockland's offer remains the only offer in the market and is valued at \$3.64 based on Stockland's five day volume weighted average trading price to 24 January 2005 of \$6.00. In addition, GPT Unitholders would still receive the GPT December 2004 quarterly distribution of up to 5.5 cents.

Stockland Managing Director Matthew Quinn said, "GPT's Independent Expert Grant Samuel has said GPT Units would likely trade at \$3.20 to \$3.25 in the absence of takeover speculation. Stockland's offer represents a substantial premium to this, along with access to Stockland's low risk, stronger return performance."

GPT's Independent Directors have been exploring alternatives for the eight months that GPT has been the subject of takeover or merger speculation. No alternative proposals have emerged since Stockland's offer was announced over two months ago." he said.

Combining Stockland's high performing business with GPT would create Australia's leading diversified property group, with an indicative market capitalisation of \$15 billion. Complementary business models and clear synergies between the groups would create a solid foundation for generating value for GPT Unitholders.

For media enquiries contact:

Kristen Hannah EGM Corporate Affairs Stockland Tel: 02 9020 8134 Mobile: 0409 603 369

For investor enquiries contact:

Johanna Keating GM Investor Relations, Stockland Tel: 02 9321 1529 Mobile: 0409 168 848

Stockland (ASX: SGP) is one of the largest and most diversified properly groups in Australia with interests in retall. commercial, industrial and residential property investment and development, as well as hotel management. Stockland currently has total assets in Australia and New Zealand of over \$7.2 billion, market capitalisation in excess of \$7 billion, and reported a net profit of \$456 million for the year ended 30 June 2004. Additional information can be found on our website www.stockland.com.au

Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741; AFSL 241190 As Responsible Entity for Stockland Trust ARSN 092 897 348