GPT GROUP — Board/Management Information 2004

Nov 23, 2004

General Property Trust ASX Announcement and Media Release

GPT ANNOUNCES BOARD CHANGES

24 November 2004

The Board of GPT Management Limited ("GPT") the Responsible Entity of General Property Trust, announces changes to the Board and arrangements for the future consideration of proposals affecting GPT.

Chairman, Richard Longes and Director, Ross Taylor are to step down from the GPT Board. Mr Longes is a serving Director of Lend Lease and Mr Taylor is a senior executive of Lend Lease. They have stepped down as they believe it is no longer appropriate for them to hold active roles in both companies.

Lend Lease has appointed Eric Goodwin to be its representative on the Board of GPT Management Limited. Mr Goodwin is a former senior executive of the Lend Lease Group and a Director of several Lend Lease subsidiary companies. GPT Management continues to be a wholly owned subsidiary of Lend Lease and together with Lend Lease employees, responsible for the day to day management of the Trust.

Mr Peter Joseph will assume the chairmanship of the GPT Management Board. Peter Joseph, Malcolm Latham, Elizabeth Nosworthy and Ken Moss will continue as the nonconflicted members of the Board. Neither Brian Norris (in view of his long term professional relationship with Lend Lease) nor Eric Goodwin will participate in relation to consideration of any ownership or control issues. A separate corporate governance protocol similar to that adopted during the consideration of the Lend Lease proposal will be developed to deal with the consideration of the Stockland proposal.

Peter Joseph Chairman

ENDS

Enquiries

For further information please contact

Nic Lyons Chief Executive Officer General Property Trust (02) 9237 5816

Martin Debelle /Graham Canning Cannings $(02)$ 9252 0622