GPT GROUP — M&A Activity 2004

Nov 23, 2004

General Property Trust ASX Announcement and Media Release

GPT RESPONSE TO STOCKLAND BIDDER'S STATEMENT

24 November 2004

GPT confirmed today the receipt of a Bidder's Statement from Stockland Trust Management Limited (as responsible entity for Stockland Trust) ("Stockland"). GPT understand that the Bidder's Statement will be forwarded to GPT unitholders in approximately two weeks.

In considering the Stockland Bidder's Statement, the GPT Board will be comprised of only the Independent Directors, Peter Joseph (Chairman), Malcolm Latham, Elizabeth Nosworthy and Ken Moss, as was the case for considering the Lend Lease proposal.

The Independent Directors of GPT will respond formally to the Bidder's Statement through a Target's Statement, which will include an independent expert's report from Grant Samuel & Associates. GPT expects to dispatch the Target's Statement to unitholders on or before 23 December

In the meantime, the Independent Directors of GPT recommend that unitholders TAKE NO ACTION with respect to the Stockland offer until a formal recommendation is made by your Independent Directors on whether to accept the Stockland offer.

The GPT Board and management continue to retain advisers: Macquarie Bank, as financial adviser, Allens Arthur Robinson as legal adviser and Blake Dawson Waldron as adviser on governance processes.

ENDS

Enquiries

For further information please contact

Nic Lyons Chief Executive Officer General Property Trust (02) 9237 5816

Martin Debelle /Graham Canning Cannings $(02)$ 9252 0622

Unitholder assistance

Unitholders should contact the GPT unitholder information line for any queries:

Within Australia: 1800 350 150 Outside Australia: +61 2 9278 9045