GPT GROUP — M&A Activity 2005

Jan 5, 2005

6 January 2005

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

STOCKLAND EXTENDS OFFER FOR GPT

Stockland today announced it will extend its offer to buy all Units in General Property Trust ("GPT") for 0.608 Stockland Securities until 4 February 2005.

Stockland's offer is valued at \$3.68 based on Stockland's five day volume weighted average trading price to 5 January 2005 of \$6.05. In addition, GPT Unitholders would still receive the GPT December 2004 quarterly distribution of up to 5.5 cents. It is important to note that Stockland Securities are now trading ex distribution after Stockland's estimated 19.3 cents half vear distribution.

Stockland's Managing Director Mr Matthew Quinn said, "Stockland's offer is the only offer for GPT Units in the market and provides GPT Unitholders with real and tangible benefits and access to superior performance."

Stockland's offer provides significant value for GPT Unitholders including:

• Stockland's offer value of \$3.68 represents a substantial premium to the range of \$3.20-3.25 where GPT Units would probably trade in the absence of takeover speculation, according to the GPT Target's Statement;
• In addition to the value of \$3.68, GPT Unitholders will still receive the GPT quarterly $\bullet$ December 2004 distribution of up to 5.5 cents;
• A 7% increase in pro forma distributions:
• Access to Stockland's stronger total return performance, whilst maintaining low risk and volatility.

"Stockland's business model is complementary to that of GPT and there are clear synergies between the two groups. The merger would create a solid foundation for generating strong and reliable returns for GPT Unitholders," said Mr Quinn.

Stockland has clearly outperformed both GPT and the S&P/ASX 200 Property Trust Index on a total performance basis over three years and five years, as illustrated in the graphs below.

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 property groups in Australia with interests in retail, 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