GPT GROUP — Board/Management Information 2004

Aug 16, 2004

General Property Trust ASX Announcement and Media Release

SENIOR MANAGEMENT STRUCTURE ANNOUNCED

FOR MERGED LEND LEASE GROUP

17 August 2004

The GPT Board has announced further details of the proposed management structure to reflect the strategic operating objectives for the merged Lend Lease group.

On 6 August GPT's Board announced that it had reached agreement with Lend Lease on important financial and non financial terms for the proposed merger. As a result, the GPT Board believes that the merger is in the best interests of GPT unitholders, and intends to recommend the merger in the absence of a superior proposal emerging.

Key to arriving at this position was agreement to an operating philosophy and management and governance structure that would reflect an investment management culture for a stapled group in the listed property trust sector.

Under the agreed structure, Lend Lease Managing Director and CEO, Greg Clarke, will have three operational chief executive reports:

Nic Lyons, Chief Executive - Investment Management and Retail

Ross Taylor, Chief Executive - Development and Construction, Asia Pacific and US

Adrian Chamberlain, Chief Executive - Development and Construction - Europe, Middle East & Africa, Global Markets and IT.

The new executive management roles and revised organisational structure and Board composition are designed to ensure that the merged group will be in the best position to deliver the group's strategy and will have an operating philosophy which includes:

• Adoption of an investment management culture;
• A strong focus on financial risk management:
• Investor relations and communications with investors consistent with LPT sector norms for stapled entities:
• Adoption of a single acquisition pipeline and evaluation process for all investment assets whether owned by the merged entity or managed on behalf of third parties; and
• Transparency and clarity around all of the above.

GPT and Lend Lease will conduct a joint market briefing on the strategy and operational policy of the proposed merged group in mid September.

The GPT Board is comprised of the Independent Directors (Peter Joseph, Malcolm Latham, Elizabeth Nosworthy and Ken Moss) and is chaired by Peter Joseph for the purpose of considering the merger proposed by Lend Lease.

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