GPT GROUP — Proxy Solicitation & Information Statement 2004

Nov 11, 2004

An open letter to GPT unitholders from Peter Daly. Chairman of Stockland

Dear Unitholder.

Stockland has made an offer to GPT unitholders. Our offer is clear and straightforward. You will receive 0.608 Stockland securities for every GPT unit you own. It gives you an alternative to the proposed Lend Lease scheme upon which you have been asked to vote next Wednesday.

I can confirm to you that Stockland's offer remains available on the terms announced on 8 November.

We believe that Stockland's offer to merge with GPT is more attractive and provides greater value to GPT unitholders than the proposed Lend Lease scheme.

Financially, it provides GPT unitholders with higher earnings per unit, higher net assets per unit and lower debt. All these points are referred to in GPT's own Independent Expert's Opinion.

Stockland's portfolio is similar to that of GPT. Stockland's offer provides GPT unitholders with the same focus on high quality Australian property they have always had, coupled with the growth from our Australian residential business.

With Stockland, you would not have exposure to the high-risk Bovis Lend Lease business - a construction business that announced a loss of \$55 million on certain Australian construction contracts less than 6 months ago. Overall, Lend Lease has returned its shareholders an average negative 6% per annum for the last 5 years.

In contrast. Stockland has an excellent track record. It has generated 22 years of consecutive profit growth, and has a strong, stable and experienced Board and management team, Stockland investors have enjoyed a total return of +19.8% per annum for the last 5 years.

Merging with GPT creates the largest diversified property group in Australia, which we believe is a solid foundation for generating strong and sustainable future returns for GPT unitholders.

We know the timing is tight for many GPT unitholders: Lend Lease did not release documents until five months after it announced its proposal with GPT. Stockland analysed this information and announced its offer just over three weeks after Lend Lease released its documentation. Stockland's Bidder Statement will be lodged within 10 days.

To be in a position to receive the Stockland offer, you should vote NO to the Lend Lease proposal on Wednesday 17 November.

Proxy forms must be received by the registry not later than 5.00pm on Monday 15 November. If you have already lodged a proxy and wish to change the proxy, you can do so - contact GPT's registry on 1800 025 095. Alternatively you may attend the GPT unitholders meeting and vote No in person.

Yours sincerely

Peter Dalv Chairman

12 November 2004