GPT GROUP — Regulatory Filings 2004

Nov 16, 2004

17 November 2004

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

STOCKLAND'S OFFER REMAINS OPEN

Stockland today welcomed the decision of General Property Trust ("GPT") unitholders to reject the Lend Lease Corporation stapling proposal.

Stockland's Managing Director Matthew Quinn said, "Our offer of 0.608 Stockland Stapled Securities for each GPT unit remains open."

"We look forward to discussing our offer with GPT's Independent Directors with a view to providing GPT unitholders with certainty and security." Mr Quinn said.

Stockland's Bidder's Statement is expected to be lodged next week.

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 fotal 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.steckland.com.au

Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741; AFSL 241190 As Responsible Entity for Stockland Trust ARSN 092 897 348