GPT GROUP — Regulatory Filings 2004

Mar 28, 2004

Chairman's Letter

Dear Unitholder,

I am pleased to invite you to attend the 2004 Meeting of GPT Unitholders which will be held at 2.30pm on Thursday 29 April 2004 at the Sydney Convention and Exhibition Centre at Darling Harbour in Sydney.

At this year's Meeting, in accordance with our policy, we are inviting your endorsement of Ken Moss's reappointment as a director of GPT Management Limited for the next three years. Ken brings a high degree of independence, experience and skill to the Board and has been a Director of GPT since 2000. His original appointment was endorsed by Unitholders at the Meeting of Unitholders in 2001. A Proxy Form is enclosed with this Notice of Meeting to allow Unitholders who are unable to attend the Meeting to vote on this Resolution. Details of how to complete and submit your Proxy Form are detailed on the Proxy Form. Please note that Proxy Forms must be received by the Registry by 2.30pm, Tuesday 27 April 2004.

Following the formal part of the Meeting there will be our regular update on the Trust's activities and the opportunity for you to ask questions about the Trust. For those of you unable to attend the Meeting, a summary of the issues discussed at the Meeting will be mailed to all Unitholders in May.

I look forward to seeing you at the Meeting of Unitholders.

Renard Longa

Richard Longes Chairman

GPT Management Limited ABN 94 000 335 473

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

Telephone B2 9236 6999 Facsimile 02 9236 6020

GPT@lendlease.com.au

Notice of Meeting

Notice is given that a Meeting of Unitholders of General Property Trust (ARSN 090 110 357) will be held at:

Time:	2.30pm
Date:	Thursday 29 April 2004
Place:	The Ballroom Sydney Convention and Exhibition Centre Level 2. Convention Centre South Darling Drive, Darling Harbour Sydney NSW (see map on back page)

This Notice is issued by GPT Management Limited as Responsible Entity of General Property Trust.

Business

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The business of the Meeting will be to consider the following resolution: Resolution 1 - Ordinary Resolution

That the reappointment of Kenneth John Moss as a director of GPT Management Limited be endorsed by the Unitholders of General Property Trust.

Background Information

GPT Management Limited ("GPTML"), the Responsible Entity of General Property Trust ("GPT"), is a wholly owned subsidiary of Lend Lease Corporation Limited ("LLC"). Directors of GPTML are appointed by LLC. GPTML has previously announced to Unitholders that at least 50% of its directors will be external (as defined in the Corporations Act) and the appointment of those directors will be endorsed each three years by Unitholders.

Ken Moss is an external director and is seeking endorsement from Unitholders for reappointment to the Board for a further three year term.

Ken Moss

Ken was appointed a director on 7 August 2000 and his appointment was subsequently endorsed by Unitholders at the 2001 Meeting of Unitholders. Ken is also Chairman of the Audit and Risk Management Committee. Pursuant to the terms of the GPT Board Charter, the Board has determined that Ken is independent.

Ken was brought up and educated in Newcastle where he worked for BHP and Howard Smith. He graduated from Newcastle University with a Bachelor of Engineering degree and a PhD in engineering. He joined the Board following his retirement as Managing Director of Howard Smith in August 2000.

Ken is a non-executive director of a number of public companies, including Adsteam Marine Limited, Hunter Area Health Service and National Australia Bank Limited. Ken is also Chairman of Boral Limited and Centennial Coal Company Limited.

Ken's attendance at Board and Audit and Risk Management Committee Meetings in 2003 is shown below:

	Meetings Attended	Meetinas Held
Board Meetings		מו ◡
Audit and Risk Management Committee

Notice of Meeting

Voting Requirements

For the Resolution to be passed, more than 50% of votes cast by Unitholders entitled to vote on the Resolution must be voted in favour of the Resolution.

Voting Entitlement

All holders of ordinary units appearing in the GPT register of Unitholders at 9.00am (Sydney time) on 28 April 2004 are entitled to attend and vote at the Meeting.

If you have any questions or would like a copy of the existing Constitution, please contact the Unitholder Information line on 1800 025 095, between 8.30am and 5.30pm (Sydney time) Monday to Friday.

How do you exercise your right to vote?

The vote on the Resolution will be on a show of hands unless a poil is demanded. Each Unitholder present in person or by proxy has one vote on a show of hands and one vote for every dollar of the total interest they have in GPT on a poll. The value of a Unitholder's total interest in GPT will be calculated by reference to the last sale price of GPT units on the Australian Stock Exchange ("ASX") on 27 April 2004.

Jointly Held Units

If your units are jointly held, only one of the joint holders is entitied to vote. If more than one Unitholder votes in respect of jointly held units, only the vote of the Unitholder whose name appears first in the register will be counted. You need not exercise all of your votes in the same way, nor need you cast all of your votes.

Individuals

If you plan to attend the Meeting, we ask that you arrive 30 minutes prior to the time designated for the Meeting so that we may check the value of your units against the register of Unitholders and note your attendance.

For catering purposes, if you propose to attend the Meeting, please telephone the Unitholder Information Line on 1800 025 095 prior to 23 April 2004.

Corporations

In order to vote at the Meeting (other than by proxy), a corporation that is a Unitholder must appoint a person to act as its representative. The appointment must comply with Section 253B of the Corporations Act. The representative must bring to the Meeting evidence of his or her appointment, including any authority under which it was signed.

Voting by Proxy

If you cannot or do not wish to attend the Meeting, you may appoint a proxy to attend and vote for you.

To ensure that all Unitholders can exercise their right to vote on the Resolutions, a Proxy Form is enclosed together with a reply paid envelope. The Proxy Form tells you what you need to do.

Any undirected proxies in favour of the Chairman will be voted "FOR" the Resolution.

Michael Neilson Company Secretary GPT Management Limited (ABN 94 000 335 473)

29 March 2004

Meeting Details

Time: 2.30pm

Date:

• Thursday 29 April 2004
• Place: The Ballroom Sydney Convention and Exhibition Centre Level 2, Convention Centre South Darling Drive, Darling Harbour Sydney NSW

• 0 Sydney Convention and Exhibition Centre
• O Darling Park
• B Town Hall Railway Station
• Martin Place Railway Station
• Wynyard Railway Station
• Q Queen Victoria Building
• M Monoral Stations
• One Way Streets