GPT GROUP — Capital/Financing Update 2004

Apr 1, 2004

GENERAL PROPERTY TRUST

2 April 2004

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

Electronic Lodgement

Dear Sir,

General Property Trust ("GPT")

GPT announced today that it had made a placement of 67,000,000 ordinary units to a number of institutional investors.

In accordance with ASIC Class Order 02/1180 ("Class Order"), GPT advises that all information of the type described in Paragraph $(4)(a)$ of Category 3 in Schedule C of the Class Order has been disclosed.

Yours Faithfully GPT MANAGEMENT LIMITED

Michael Neilson Legal Counsel & Company Secretary GPT Management Limited ABN 94 000 335 473 as Responsible Entity and Trusee of General Property Trust ABN 58 071 755 609

Level 4 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia

GPT Unitholder Service Centre Freecall 1800 025 095 Facsimile 02 9236 6020

opt@lendlease.com.au

www.gpt..com.au