GPT GROUP — Share Issue/Capital Change 2010

May 24, 2010

GPT RE Limited GPT Management Level 52 T: +61 2 8239 3555 ABN 27 107 426 504 Holdings Limited MLC Centre F: +61 2 9225 9318 as Responsible Entity of ABN 67 113 510 188 19 Martin Place E: gpt@gpt.com.au General Property Trust Sydney NSW 2000 www.gpt.com.au AFSL 286511 Australia

25 May 2010

Ms Suzanna Dabski Adviser, Issuers (Sydney) ASX Markets Supervision Pty Ltd 20 Bridge Street Sydney NSW 2000

By electronic lodgement

Dear Suzanna

Re: GPT Completes Share Consolidation

I refer to the joint Annual General Meeting (“AGM”) of the unitholders of the General Property Trust and the shareholders of GPT Management Holdings Limited on 10 May 2010. At the AGM securityholders approved the consolidation of every 5 securities into 1 security, and where the consolidation results in a fraction of a security being held by a securityholder, to round that fraction up to the nearest whole security with the consolidation taking effect on 19 May 2010.

The consolidation of the securities has been completed, and GPT now has:

• 1,855,529,431 stapled securities on issue; and

• GPT’s unquoted exchangeable securities will be amended pursuant to the terms of these securities. We will inform the Exchange as soon as this process is complete.

GPT confirms that it has completed the dispatch of the holding statements to securityholders advising them of the consolidation of their securityholdings. A copy of the letter to securityholders and sample holding statements are attached.

Yours sincerely

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GPT Securityholder Service Centre

T: 1800 025 095 F: +61 2 9287 0303 E: gpt@gpt.com.au

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James Coyne Company Secretary

www.gpt.com.au

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Letter regarding Holding Statements 240510.doc

GPT RE Limited GPT Management GPT Registrar GPT Securityholder ABN 27 107 426 504 Holdings Limited Locked Bag A14 Service Centre as Responsible Entity of ABN 67 113 510 188 Sydney South Freecall 1800 025 095 General Property Trust NSW 1235 T: +61 2 8280 7176 AFSL 286511 Australia F: +61 2 9287 0303 E: gpt@gpt.com.au www.gpt.com.au

25 May 2010

Dear Securityholder

At the Annual General Meeting of GPT Management Holdings Limited and General Property Trust (together, GPT) held on Monday, 10 May 2010, Securityholders approved the resolutions for the Consolidation of every 5 Stapled Securities on issue into one Stapled Security. Where the number of Stapled Securities held by a Securityholder resulted in a fractional security, that fraction was rounded up to the nearest whole Stapled Security.

Your new Issuer Sponsored Holding Statement detailing your Security holding before and after the Consolidation is enclosed.

If you are a broker sponsored holder, your CHESS Holding Statement will be forwarded to you by the ASX. Enclosed is a CHESS Transaction Confirmation Statement indicating your holding in GPT both before and after the Consolidation. This change will be reflected on your CHESS Holding Statement.

Should you have any enquiries regarding your Security holding, please call the GPT Securityholder Service Centre on Freecall 1800 025 095 between the hours of 8.30am and 5.30pm (Sydney time) on business days.

Yours faithfully

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Donna Byrne

Head of Investor Relations and Corporate Affairs

comprising the General Property Trust (ARSN 090 110 357), the responsible entity of which is GPT RE Limited (ABN 27 107 426 504) (AFSL 286511) and GPT Management Holdings Limited (ABN 67 113 510 188)

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All registry communications to: C/- link Market Services limited locked Bag A14 Sydney South nSW 1235 Australia Telephone (within Australia): 1800 025 095 Telephone (from outside Australia): +61 2 8280 7176 facsimile: (02) 9287 0303 ASX Code: GPT Email: registrars@linkmarketservices.com.au Website: www.linkmarketservices.com.au

Date: 25 May 2010 SRN/HIN: Subregister: Issuer Sponsored

GPT – STAPLED SECURITIES ISSUER SPONSORED HOLDING STATEMENT

STAPLED SECURITIES HELD STAPLED SECURITIES HELD DATE TRANSACTION DESCRIPTION PRIOR TO CONSOLIDATION AFTER CONSOLIDATION 19/05/2010 Consolidation of Securities XXXXXX XXXXXX As approved by GPT Securityholders at the Annual General Meeting held on 10 May 2010, GPT Stapled Securities have been consolidated on the basis that every 5 stapled securities held be consolidated into 1 stapled security. Where the consolidation resulted in a fractional stapled security, that fraction has been rounded up to the nearest whole stapled security.

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NOTE: The closing balance shown includes all transactions registered as at end of day on the date indicated. Securityholders should not rely on the balance shown in this statement as being a complete record of their current holding and the Issuer will not be liable for any financial loss incurred by a securityholder who relies on the balance shown without making their own adjustments for any transfers relating to market and off market transactions which have yet to be registered.

Please note your SRN/HIN recorded above. This SRN/HIN must be used in all communications with the company or registry and with your stockbroker when buying or selling these securities. This statement is an important document and should be kept in a safe place. If lost or destroyed a charge will be levied for a replacement statement. Full terms and conditions of the above securities can be obtained from the registry.

THE AUSTrAlIAn TAXATIon offICE (ATo) AdvISES yoU To kEEP THIS STATEMEnT. dISPoSAl of SECUrITIES MAy lEAd To CAPITAl GAInS TAX. PHonE THE ATo on 1300 720 092 If yoU nEEd THE “GUIdE To CAPITAl GAInS TAX”.

comprising the General Property Trust (ARSN 090 110 357), the responsible entity of which is GPT RE Limited (ABN 27 107 426 504) (AFSL 286511) and GPT Management Holdings Limited (ABN 67 113 510 188)

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All registry communications to: C/- link Market Services limited locked Bag A14 Sydney South nSW 1235 Australia Telephone (within Australia): 1800 025 095 Telephone (from outside Australia): +61 2 8280 7176 facsimile: (02) 9287 0303 ASX Code: GPT Email: registrars@linkmarketservices.com.au Website: www.linkmarketservices.com.au

Date: 25 May 2010 SRN/HIN: Subregister: CHESS

GPT – STAPLED SECURITIES TRANSACTION CONFIRMATION STATEMENT

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STAPLED SECURITIES HELD STAPLED SECURITIES HELD
DATE TRANSACTION DESCRIPTION PRIOR TO CONSOLIDATION AFTER CONSOLIDATION
19/05/2010 Consolidation of Securities XXXXXX XXXXXX
As approved by GPT Securityholders at the Annual General Meeting held on 10 May 2010,
GPT Stapled Securities have been consolidated on the basis that every 5 stapled securities
held be consolidated into 1 stapled security.
.
Where the consolidation resulted in a fractional stapled security, that fraction has been
rounded up to the nearest whole stapled security.
----- End of picture text -----

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NOTE: The closing balance shown includes all transactions registered as at end of day on the date indicated. Securityholders should not rely on the balance shown in this statement as being a complete record of their current holding and the Issuer will not be liable for any financial loss incurred by a securityholder who relies on the balance shown without making their own adjustments for any transfers relating to market and off market transactions which have yet to be registered.

Please note your SRN/HIN recorded above. This SRN/HIN must be used in all communications with the company or registry and with your stockbroker when buying or selling these securities. This statement is an important document and should be kept in a safe place. If lost or destroyed a charge will be levied for a replacement statement. Full terms and conditions of the above securities can be obtained from the registry.

THE AUSTrAlIAn TAXATIon offICE (ATo) AdvISES yoU To kEEP THIS STATEMEnT. dISPoSAl of SECUrITIES MAy lEAd To CAPITAl GAInS TAX. PHonE THE ATo on 1300 720 092 If yoU nEEd THE “GUIdE To CAPITAl GAInS TAX”.