GPT GROUP — Regulatory Filings 2004

Nov 22, 2004

GPT Management Limited ABN 94 000 335 473 as Responsible Entity and Trustee 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 9383 8146

GPT@lendlease.com.au

www.gpt.com.au

23 November 2004

Companies Announcement Office Australian Stock Exchange Limited Exchange Centre Level 6 20 Bridge Street Sydney NSW 2000

By electronic lodgement

Dear Sir

General Property Trust

In accordance with Listing Rule 3.17, attached is a letter to be sent to Unitholders in connection with the meeting of Unitholders held on 17 November 2004.

Yours faithfully GPT MANAGEMENT LIMITED

James Coyne Company Secretary

18 November 2004

GPT Management Limited ABN 94 000 335 473 as Resoonsible Folity and Trustee of General Property Trust ARN 58.071.755.609

Louis 4 30 The Bood 30 Hickson Road Millers Point NSW 2000 Asictrolio

GPT Unitholder Service Centre Freecat 1800 025 095 Pacsimile 02.9383.8146

GPT@fendlease.com.au

www.gpt.com.au

Dear Unitholder

At the Meeting of Unitholders held on Wednesday 17 November 2004 a number of the resolutions necessary to approve the proposed merger of GPT and Lend Lease were not approved by the necessary 75% majority. Accordingly, the merger with Lend Lease will not proceed. Consequently, Unitholders will not receive stapled securities, the cash out option or any of the merger distributions that were part of the proposal.

Lend Lease has also announced that it does not propose to put any further merger proposal to GPT.

The usual GPT September quarter distribution will be paid, as planned, on 22 November 2004. GPT will continue to distribute income to investors on a quarterly basis.

The outcome of the vote on the merger proposal may be disappointing for investors who supported the merger with Lend Lease. I would like to assure you that the Independent Directors, management and advisers worked strenuously throughout the process solely in the interests of all GPT unitholders and will continue to do so.

On 8 November 2004, Stockland announced a proposal to acquire all of the units in GPT. Stockland has indicated that it intends to issue a Bidder's Statement during the week commencing 22 November 2004. This proposal will be reconsidered now that the Lend Lease proposal has not been approved by the requisite proportion of unitholders.

Unitholders should do nothing in relation to the Stockland proposal until they receive further information from GPT's Board. We expect to issue a recommendation, in the form of a Target Statement, approximately one month after Stockland's Bidder's Statement is received.

If you have any questions, please call the Unitholder Information Line on 1800 350 150.

Yours sincerely

loseph

Peter Joseph Chairman Independent Directors