GPT GROUP — Capital/Financing Update 2002

Dec 12, 2002

General Property Trust ASX Announcement and Media Release

TERMINATION OF DISTRIBUTION REINVESTMENT PLANS

13 December 2002

GPT Management Limited (GPTML), as Responsible Entity for General Property Trust (GPT) and GPT Split Trust, today announced the termination of the Distribution Reinvestment Plans for GPT and GPT Split Trust.

Following settlement of the disposal of Bankstown Square, GPT's gearing is just over 20% of total assets, at the lower end of the stated policy guideline of 20% to 30% of gross assets. Considering this level of gearing and the Trust's capital commitments over the short to medium term, the termination of the Distribution Reinvestment Plans is appropriate and will be accretive to earnings.

The existing Plans will not apply for the December quarter distribution payment, to be made on 24 February 2003, or for subsequent distribution payments.

However, to ensure that all investors continue to have the opportunity to acquire additional units in the Trusts, new Plans, which will enable a limited level of participation, will be established. The Terms and Conditions of these new Plans will be forwarded to all unitholders in the new year.

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For further information please call:

Michael O'Brien Fund Manager 02 9236 6235 0417 691 028

Donna Byrne Investor Relations Manager 02 9237 5844

ENDS