GPT GROUP — Notice of Dividend Amount 2004

Jan 28, 2004

29 January 2004

The Manager Companies Section Australian Stock Exchange Limited (Svdnev) 20 Bridge Street SYDNEY NSW 2000

By Electronic Lodgement

Dear Sir

GENERAL PROPERTY TRUST

$\mathbf{1}$ . Full Year Results

GPT Management Limited, as responsible entity of General Property Trust, releases the attached statement regarding the Trust's results for the twelve months to 31 December 2003. Also attached are audited financial statements for the twelve months to 31 December 2003 and ASX Appendix 4E.

$\overline{2}$ . December Quarter Distribution

GPT Management Limited, the responsible entity of General Property Trust. announces the following distribution for the quarter ended 31 December 2003.

$(a)$ Distribution - Ordinary Units

A distribution for the three months ended 31 December 2003 of 5.4 cents per General Property Trust unit will be paid by the Trust on 23 February 2004 (the distribution for the three months ended 31 December 2002 was 5.2 cents per unit and the distribution for the three months ended 30 September 2003 was 5.3 cents per unit).

$(b)$ Income Tax Deferred Component - Ordinary Units

The distribution advice for the December quarter will advise that 2.475311 cents (capital works allowance, depreciation and other allowances) is income tax deferred for investors that hold their investment on capital account.

The income tax deferred component will reduce the cost base (or indexed base) in the case of units liable to capital gains tax on disposal.

GPT Management Limited ABN 94 000 335 473 as Resoonsible Folity and Trustee of General Property Trust ARN 58.071.755.609

Lough 14 Tower Suilding Auctrolio Smiora Sydney NSW 2000 Australia

GPT Unitholder Service Centre Preecat 1800 025 095 Pacsimile 02 9236 6020

GPT@fendlease.com.au

www.gpt.com.au

$\left( \mathrm{e}\right)$ Distribution Reinvestment Plan

The General Property Trust Distribution Reinvestment Plan has been terminated and will not apply to these distributions.

$(d)$ Books Closing Date

In accordance with Listing Rule $3A(5)$ , we give formal notice that the register of unitholders of General Property Trust will close at 5.00pm, 9 February 2004 for the purpose of determining those unitholders entitled to participate in the distribution for the quarter ended 31 December 2003, payable on 23 February 2004.

Documents will be accepted for registration until 5.00 pm on the books closing date at the Sydney Register only:

Securities Registration Services ASX Perpetual Registrars Limited Level 8, 580 George Street SYDNEY NSW 2000

Yours faithfully

Michael J Neilson Legal Counsel & Company Secretary