GPT GROUP — Declaration of Voting Results & Voting Rights Announcements 2005

Jun 1, 2005

GPT Solit Trust ASX Announcement & Media Release

PROPOSED WINDING UP OF GPT SPLIT TRUST

2 June 2005

Attached is an announcement from General Property Trust ("GPT") in relation to the meeting of GPT unitholders that was held today at 11am to consider the resolutions to replace the responsible entity of GPT and thereby to internalise management. All resolutions were passed by the requisite majorities of GPT unitholders.

Accordingly, GPT Management Limited, the responsible entity of GPT Split Trust. ("Split Trust RE") announces that it intends to proceed to wind up the GPT Split Trust. A formal notice will be sent to unitholders shortly again giving reasons for the winding up and also describing the process involved. In summary, the process for winding up is as follows:

• After the formal notice referred to above is given, unitholders will have 28 days. should they want to call a meeting to consider the proposed winding up and to vote on any resolutions that unitholders may propose about it. There is no obligation on unitholders to call a meeting.
• Any resolution in relation to the winding up must be passed by 50% of all GPT $\bullet$ Split Trust unitholders entitled to vote on it (that is, not just 50% of those unitholders present at the meeting in person or by proxy as is the case for an ordinary resolution).
• If no meeting is properly requisitioned within the 28 day period. Split Trust RE may then wind up the GPT Split Trust. GPT Split Trust unitholders are reminded that their right to redeem one growth unit and one income unit in return for a GPT unit will then cease. As mentioned in the letter to unitholders of 24 May, until winding up commences, Split Trust RE intends to transfer to any converting GPT Split Trust unitholder one GPT stapled security for each redeemed growth and income unit.

ENDS

Enquiries

For further information please contact Donna Byrne Investor Relations Manager 0401 711 542

Kieran Pryke Chief Financial Officer 0413 882 524

GENERAL PROPERTY TRUST

General Property Trust ASX Announcement & Media Release

GPT ANNOUNCES APPROVAL OF INTERNALISATION PROPOSAL 2 June 2005

A meeting of GPT unitholders was held today at 11am to consider and, if thought fit, to pass resolutions to replace the responsible entity of GPT and thereby to internalise management.

Votes cast at the meeting represented approximately 78% of all issued units, an extraordinary investor turnout. The results of the GPT unitholder meeting are set out on the following page. All resolutions were passed by the requisite majorities.

Accordingly, the current responsible entity of GPT, GPT Management Limited, will be replaced with Australian Diversified Funds Management Limited (to become GPT RE Limited). The transition to the new GPT responsible entity and internalisation of management will therefore begin immediately and GPT will now move to a stapled security structure. Further details in relation will be released shortly.

Chairman of GPT, Peter Joseph observed, "The independent directors of GPT are pleased at the support of unitholders for the internalisation. GPT's future will be one of growth and stable independence. The Board and management all look forward to this exciting new era for GPT and to continuing to work in the interests of GPT investors."

ENDS

Enquiries

For further information please contact Nic Lyons CEO, GPT 0401 719 899

Martin Debelle Cannings (02) 9252 0622 / 0409 911 189

A prospectus for GPT Management Holdings Limited (GPTCo) shares was lodged with the Australian Securities and Investments Commission on 2 May 2005. The offers of the GPTCo shares will be made in, or accompanied by, a copy of the prospectus. Anyone wishing to acquire the GPTCo shares must be a member of General Property Trust (ARSN 090 110 357) on the record date specified in the prospectus.

RESULTS OF TODAY'S MEETING:

Resolution 1: Appointment of new responsible entity

	NUMBER	PERCENTAGE
FOR	877,957,082	55.90%
AGAINST	692,767,183	44.10%
ABSTAIN	1,350,946	N/A

This resolution was approved by the necessary majority.

Resolution 2: Approval of Loan

	NUMBER	PERCENTAGE
FOR	1,026,325,535	65.35%
AGAINST	544, 181, 782	34.65%
ABSTAIN	1,567,894	N/A

This resolution was approved by the necessary majority.

Resolution 3: Amendments to Constitution to permit Stapling

	NUMBER	PERCENTAGE
FOR	1,168,839,119	83.70%
AGAINST	227,678,833	16.30%
ABSTAIN	2,531,034	N/A

This resolution was approved by the necessary majority.

Resolution 4: Amends to Constitution for accounting purposes

	NUMBER	PERCENTAGE
FOR	1,466,125,834	93.42%
AGAINST	103,219,741	6.58%
ABSTAIN	2,718,585	N/A

This resolution was approved by the necessary majority.