GPT GROUP — Major Shareholding Notification 2009

Jun 30, 2009

$1. JUL. 2009$ $11:31$ GIC

$P. 1/5$ NO. 853

$GIC$

VIA FAX/COURIER

01 July 2009

Attn. Company Announcements Office Australian Securities Exchange Exchange Centre 20 Bridge Street Sydney, NSW 2000 Australia Fax No. 61 2 9778 0999

Dear Sir/Madam,

Section 671B Corporations Act 2001 Form 604 for GPT RE LIMITED (as Responsible Entity of General Property Trust)

• 1. We enclose one copy of Form 604 in respect of the above company.
• 1. The report is filed with you in compliance with Section 671B of the Corporations Act 2001.
• 1. Should you require clarification, please contact the undersigned via email at limekyoung@gic.com.sq or via telephone/fax at (65) 6889 8817/ 6889 8756.
• 1. Thank you.

Yours faithfully

Lim Ek Young Executive Analyst - Custody & Control Asset Servicing Group - Custody & Control Investment Operations Department

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme GPT RE Limited as responsible entity of General Property Trust ARSN 090 110 357 ACN/ARSN ACN 107 426 504 ı. Details of substantial holder Name Government of Singapore Investment Corporation Pte Ltd and its Associates ACN/ARSN (if applicable) $p/a$ There was a change in the interests of the Substantial holder on 30/06/09 01/12/08 The previous notice was given to the company on

01/12/08

$2.$ Previous and present voting power

The previous notice was dated

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of	Previous notice		Present nonce
securities(4)	Person's votes	Voting power (5)	Person's votes	Voting power (5)
$_{\rm Urits}$	347.717.678	7.3560%	707.460.369	7.3698%
Exchangeab	259.659.326*	5.4931%	321.916.044**	3.3535%
le securities
Total voting	607,377,004	12.8491%	1.029.376.413	10.7233%
power

'Units' means units in the General Property Trust being a security stapled to a share in GPT Management Holdings Limited. 'Exchangeable Securities' means fully paid, perpetual, unsecured, subordinated exchangeable securities being notes issued by GPT RE Limited as responsible entity of General Property Trust.

*Each Exchangeable Security holder shall have a number of votes equal to the number of votes that would be exercisable by a holder of the total number of Units which would be required to be issued to the Exchangeable Security Holder if the Exchangeable Securities held by that Security Holder had been exchanged on the record date for the relevant meeting. The initial total number of votes is based on an aggregate principal amount of exchangeable securities which is \$250,000,000 to be exchanged at the 'Exchange Price' in effect at the relevant 'Exchange Date' which initially is \$0.9628.

** Exchange Price has been revised to \$0.7766 as of 30 June 09

$3.$ Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company scheme are as follows:

Date of Change	Person whose Relevant interest Changed	Nature of Change(6)	Consideration Given in relation To change $(7)$	Class and Number of Securities Affected	Person's Votes Affected
27/5/2009	1) Reco 175LS Aust Pte Ltd ("Reco") 2) Recosia Pte Ltd 3) GIC Real Estate Pte Ltd 4) Government of Singapore Investment Corporation Pte Ltd	Subscription of 1 for 1 Institutional Entitlement Offer	AS0.35 for each stapled security	Additional 250,000,000 Units	250,000,000
27/5/2009	Government of Singapore Investment Corporation Pte Ltd	Subscription of 1 for 1 Institutional Entitlement Offer and Placement Offer	A\$0.35 for each stapled security	Additional 109.742.691 Units	109,742,691

30/6/2009 1) Reco Ĺtd	Adjustment under 2) Recosia Pte Ltd terms of 3) GIC Real Estate Pte Exchangeable Securities - Exchange Price 4) Government of from AUD Singapore Investment \$0.9628 to AUD Corporation Pte Ltd \$0.7766	N.A.	NA.	62,256,718
-----------------------------	----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	------	-----	------------

4. Present relevant interests

$\alpha$

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and Number of securities	Person's votes
Reco	Reco	Reco	Relevant interest pursuant to section $608(1)$ as registered holder of Exchangeable Securities resulting from a subscription for Exchangeable Securities under a subscription agreement undertaken by GPT RE Limited as responsible entity of General Property Trust and GPT Management Holdings Limited.	2,500 Exchangeable Securities	321,916,044
Reco	HSBC Custody Nominees (Australia) Limited	Reco	Relevant interest pursuant to section 608(1) as registered holder of Units resulting from a subscription for Units under a sub- underwriting agreement and a top up placement as well as a subsequent entitlement offer.	500,000,000 Units	500,000,000
Recosia Pte Ltd	Reco	Reco	Extension of relevant interest pursuant to section $608(3)(a)$ – Recosia Pte Ltd is the holding company of Reco but does not control Reco and does not have ability to vote and dispose of Exchangeable Securities and Units.	2,500 Exchangeable Securities	321,916,044
Recosia Pre Ltd	HSBC Custody Nominees (Australia) Limited	Reco	Extension of relevant interest pursuant to section $608(3)(a)$ - Recosia Pte Ltd is the holding company of Reco but does not control Reco and does not have ability to vote and dispose of Exchangeable	500,000,000 Units	500,000,000

$\cdot$

GIC

NO. 853 P. 4/5

			Securities and Units.
GIC Real Estate Ptc	Reco	Reco	Relevant interest	2,500	321,916,044
Ltd			pursuant to section $608(1)(b)$	Exchangeable Securities
			and (c). GIC Real
			Estate Pte Ltd has
			indirect ability to influence the
			voting and
			disposal of the relevant
			Exchangeable
			Securities and Units.
GIC Real Estate Pte	HSBC Custody	Reco	Relevant interest	500,000,000	500,000,000
Ltd	Nominees		pursuant to	Units
	(Australia) Limited		section $608(1)(b)$ and (c). GIC Real
			Estate Pte Ltd has
			indirect ability to influence the
			voting and
			disposal of the relevant
			Exchangeable
			Securities and Units.
Government of	Reco	Reco	Relevant interest	2,500	321,916,044
Singapore Investment			under section	Exchangeable Securities
Corporation Pte Ltd			$608(1)(b)$ and (c). Government of
			Singapore
			Investment Corporation Pte
			Ltd has indirect
			ability to
			influence the voting and
			disposal of the
			relevant Exchangeable
			Securities.
Government of	HSBC Custody	Reco	Relevant interest	500,000,000	500,000,000
Singapore Investment Corporation Pte Ltd	Nominees (Australia) Limited		under section $608(1)(b)$ and $(c)$ .	Units
			Government of
			Singapore Investment
			Corporation Pte
			Ltd has indirect
			ability to influence the
			voting and
			disposal of the relevant Units.
Government of	National Nominees	Government of	Relevant interest	207,460,369	207,460,369
Singapore Investment Corporation Pte Ltd	Ltd	Singapore Investment Corporation Pte Ltd	under section 608(1)(b) and (c).	Units
			Government of
			Singapore
			Investment Corporation Pte
			Ltd has indirect
			ability to
			influence the voting and
			disposal of the
			relevant Units.

5. Changes in association

The persons who have become associates $(2)$ of, ceased to be associates of, or have changed the nature of their association $(9)$ with, the substantial holder in relation to voting interests in the company or scheme are

---	__
Name and ACN/ARSN (if applicable)	Nature of association
---	--
--- change Nn	$_{\rm{}}$ No change __

Addresses 6.

The addresses of persons named in this form are as follows:

Name	Address
Reco	168 Robinson Road, #37-01, Capital Tower, Singapore 068912
Recosia Pte Ltd	168 Robinson Road, #37-01. Capital Tower, Singapore 068912
GIC Real Estate Pte Ltd	168 Robinson Road, #37-01, Capital Tower, Singapore 068912
Government of Singapore Investment Corporation Pte Ltd	168 Robinson Road, #37-01, Capital Tower, Singapore 068912
Government of Singapore Investment Corporation (Realty) Pte Ltd	168 Robinson Road, #37-01, Capital Tower, Singapore 068912
Government of Singapore Investment Corporation (Ventures) Pte Ltd	168 Robinson Road, #37-01, Capital Tower, Singapore 068912
GIC Special Investments Pte Ltd	168 Robinson Road, #37-01, Capital Tower, Singapore 068912
GIC Asset Management Ptc Ltd	168 Robinson Road, #37-01, Capital Tower, Singapore 068912

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related $(1)$ corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interest of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Law.
• See the definition of "relevant interest" in sections 608 and 671B (7) of the Corporations Law. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• Include details of: $(6)$
• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Law.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant $(7)$ interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg. If the relevant interest arises because of $(3)$ an option) write "unknown.
• Give details, if appropriate, of the present association and any change in that association since the last substantial $(9)$ holding notice.