GPT GROUP — Regulatory Filings 2004

Jul 4, 2004

General Property Trust Stock Exchange Announcement

Letter to Unitholders

5 July 2004

Please find attached letter to Unitholders dated 5 July 2004 updating Unitholders on the Board's consideration of the proposal by Lend Lease Corporation to merge Lend Lease Corporation with GPT.

ENDS

Enquiries:

GPT Management Ltd

Donna Byrne Investor Relations Manager 02 9237 5844

GENERAL PROPERTY TRUST

5 July 2004

Dear Unitholder

As advised in our letter of 25 May 2004, GPT has received a proposal from Lend Lease to merge the two groups.

As outlined in our earlier correspondence, the Board, comprising GPT's Independent Directors (Peter Joseph, Malcolm Latham, Elizabeth Nosworthy and Ken Moss), determined that the proposal deserved detailed consideration. To that end, we appointed legal, accounting and investment banking advisers to assist us in determining whether this proposal is in the interests of GPT's investors. We are acutely aware of this important duty.

Since that time, we have undertaken an extensive evaluation process. We have requested and reviewed information from Lend Lease not only about the proposal but also about their businesses and the outlook for each. We have also met with key Lend Lease executives, held numerous Board meetings and identified areas requiring further scrutiny.

In particular we have sought information relating to Bovis Lend Lease (the company's construction arm) and Lend Lease's offshore operations, which are less familiar to GPT's investors and differ from GPT's traditional long term, diversified property investment activities. These construction and offshore activities offer higher growth potential but also increased risk. In assessing this information we are conscious of the importance to many investors of the security of GPT's income and investments and the need to explain the material impacts of the proposal on investors.

As you would expect this is a substantial and complex undertaking and one which is well progressed.

Once we have finalised our enquiries and formed a view, we will advise you of our response, the reasons underlying it and any steps unitholders need to take. We wish to make a recommendation as soon as possible, but certainly no later than the end of July.

Please be assured that we are continuing to work exclusively in your interests and look forward to communicating to you the outcomes of the evaluation process. Thank you for your patience.

Yours sincerely

Peter Joseph Chairman, Independent Directors General Property Trust

Nic Lyons Chief Executive General Property Trust

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 Boad 30 Hickson Road Millers Point NSW 2000 Australia

GPT Unitholder Service Centre Freenall 1800 025 095 .
Farsimile 02 9383 8146

GPT@lendlease.com.au

www.gpt.com.au