GPT GROUP — M&A Activity 2005

Jan 10, 2005

11 January 2005

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

By electronic lodgement

Dear Sir

General Property Trust - Letter to Unitholders

In accordance with Listing Rule 3.17, attached is a letter to be sent to Unitholders today.

Yours faithfully GPT MANAGEMENT LIMITED

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

Level 4 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

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

GPT@lendlease.com.au

www.gpt.com.au

7 January 2005

GPT'S INDEPENDENT DIRECTORS HAVE RECOMMENDED THAT YOU DO NOT ACCEPT THE STOCKLAND OFFER

Dear Unitholder

You will recently have received a letter from Stockland indicating that has extended the period of its offer to acquire all of GPT's units, and you may have seen some newspaper advertisements relating to that extension.

You should be in no doubt that GPT's Independent Directors continue to recommend to all GPT Unitholders that you do NOT accept the Stockland offer.

As GPT's Target's Statement issued just before Christmas explained. GPT's Independent Directors do not believe that the Stockland offer is in the best interests of GPT's Unitholders, as in our opinion it does NOT:

• Adequately reflect the unique nature and strategic value of GPT's portfolio; $\bullet$
• Adequately compensate GPT Unitholders for the risk inherent in a merged $\bullet$ GPT/Stockland, which is greater than the risk in a stand alone GPT;
• Address the concerns of your Independent Directors surrounding Stockland's experience and ability to manage the materially different and more complex GPT portfolio and associated development programmes:
• Offer choice to GPT Unitholders

If, as your Independent Directors recommend, you do not wish to accept the Stockland offer, you should ignore all documents sent to you by Stockland, and simply do nothing.

If you have any questions, please call the Unitholder Information Line on 1800 350 150.

Yours sincerely

Peter Joseph Chairman

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.au