GPT GROUP — Proxy Solicitation & Information Statement 2004

Nov 3, 2004

Lend Lease Corporation Limited

ABN 32 000 226 228

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

Telephone $(612) 9236 6111$

Facsimile
(612) 9252 2192

www.fendlease.com

4 November 2004

The Manager Companies Section Australian Stock Exchange Limited

Pages: Two (2) pages

Dear Sir

Stock Exchange Announcement

The Manager

Companies Section

New Zealand Exchange Limited

Shareholder Letter

In accordance with Listing Rule 3.17, enclosed is a reminder letter to be sent to all shareholders in relation to the proposed merger of Lend Lease Corporation Limited and General Property Trust.

Yours faithfully LEND LEASE CORPORATION LIMITED

S J SHARPE Company Secretary 4 November 2004

Your proxy vote must be received at the share registry by $10.00$ am on Monday 15 November 2004

Lend Lease Cornoration Limited

ABN 32 000 226 228

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

Telephone (612) 9236 6111

Facsimile (612) 9252 2192

www.lendlease.com

Dear Shareholder

We recently sent you a package of information including a Notice of Annual General Meeting. Proxy Form. Explanatory Memorandum and associated documents in relation to the proposed merger of Lend Lease with General Property Trust.

These documents contain important information about the merger proposal and the Merged Group, and will assist you with your assessment of the proposal and your decision on the appropriate course of action you should take in light of your own particular circumstances.

As outlined in the Explanatory Memorandum, the Lend Lease Directors have determined that the merger is in the best interests of Lend Lease shareholders and unanimously recommend that you vote in favour of the resolutions to give effect to the merger.

IT IS IMPORTANT THAT YOU:

• Vote on each of the resolutions to be considered at the Scheme Meeting and the Annual General Meeting to be held on 17 November 2004 at 10.00 am. If you are unable to attend the Meeting on 17 November, you may appoint a proxy to vote your shares on your behalf. A Proxy Form was forwarded to you and should be completed and returned to the share registry to be received by 10.00 am (Sydney time) on Monday 15 November 2004. For your convenience, a replacement Proxy Form is enclosed with this letter. If you have already completed and returned a proxy form, you can ignore the attached replacement proxy form.
• Complete and return your Election Form if you wish to participate in the Cash Sale Facility or Exchange Sale Facility ("ESF"), and return it to the share registry to be received by 5.00 pm (Sydney time) on 15 November 2004. Details regarding each option can be found in the Shareholder Choices section of the Explanatory Memorandum (pages 6 and 7). If the merger proceeds and you have not completed and returned an Election Form by 5pm (Sydney time) on November 15, you will receive stapled securities in the Merged Group.

PLEASE NOTE: If you have shares that were acquired before 20 September 1985, you should seriously consider whether participation in the Exchange Sale Facility might be appropriate for you. The Exchange Sale Facility may also be relevant if you bought your shares on or after 20 September 1985 for more than the likely value of the stapled securities.

All shareholders should carefully read the summary on page 19 of the Explanatory Memorandum and the quidance provided in Sections 6 and 12 regarding the tax consequences for you of participating or not participating in those facilities. THE FINANCIAL CONSEQUENCES MAY BE SIGNIFICANT, DEPENDING ON YOUR INDIVIDUAL POSITION AND THE TIME AND PRICE AT WHICH YOU BOUGHT YOUR SHARES.

If you are unsure of the action you should take, please consult your investment, financial, taxation or other professional adviser.

For questions in relation to your shareholding or any matter contained in the documents, please contact the Lend Lease Merger Information Line on 1300 302 138 (or +61 2 9240 7468 if overseas) between 9.00 am and 5.00 pm Monday to Friday (Sydney time).

Yours sincerely

DAVID CRAWFORD Chairman