GPT GROUP — Regulatory Filings 2004

Dec 12, 2004

13 December 2004

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

Companies Announcement Officer Australian Stock Exchange 20 Bridge Street Sydney NSW 2000

Stockland Trust Management Limited takeover offer for General Property Trust -Notice of fulfilment of condition

Please find enclosed a Notice confirming that the condition set out in paragraph (b) of Appendix 2 of the Bidder's Statement dated 24 November 2004 relating to consent under the Foreign Acquisitions and Takeovers Act 1975 has been fulfilled, in accordance with section 630(4) of the Corporations Act 2001.

Yours faithfully,

Ilf Hift

Phillip Hepburn Group Secretary

Tel: 02 9561 2630 Fax: 02 9561 2627

Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741 AFSL No. 241190 As Responsible Entity for Stockland Trust ARSN 092 897 348

NOTICE OF FULFILMENT OF CONDITION UNDER SECTION 630(4)

TO: General Property Trust ("GPT") (ARSN 090 110 357)

In relation to the Bidder's Statement dated 24 November 2004 ("Bidder's Statement") by Stockland Trust Management Limited (as responsible entity for Stockland Trust) ("STML") (supplemented by the Supplementary Bidder's Statement dated 9 December 2004), STML gives notice that the condition set out in paragraph (b) of Appendix 2 of the Bidder's Statement (relating to consent under the Foreign Acquisition and Takeovers Act) has been fulfilled and, accordingly, the Offer made by STML under the Bidder's Statement and any takeover contract arising from acceptance of the Offer are now free of that condition.

As at the date of this Notice, STML's voting power in GPT is nil.

Unless the context requires otherwise, defined terms in the Bidder's Statement have the same meaning in this Notice.

Dated: 13 December 2004

SIGNED by HUGH THORBURN on behalf of STOCKLAND TRUST MANAGEMENT LIMITED

Hugh Thorburn Director