GPT GROUP — Capital/Financing Update 2008

Jul 27, 2008

==> picture [97 x 36] intentionally omitted <==

Stock Exchange Announcement

Bovis Lend Lease wins A$344m retail redevelopment contract

28 July 2008

Lend Lease Corporation Limited (”Lend Lease”) today announced that its subsidiary, Bovis Lend Lease Pty Limited (“Bovis Lend Lease”), has been awarded the contract for the redevelopment and expansion of The GPT Group’s (“GPT”) major regional shopping centre, Charlestown Square, near Newcastle, Australia.

Bovis Lend Lease will be responsible for the project management, design and construction of the project in a contract with GPT, valued at A$344 million.

The redevelopment will significantly expand the existing centre with the addition of 41,000 square metres, bringing the total gross lettable area of the centre to approximately 89,000 square metres.

Bovis Lend Lease Australia Managing Director, Mr Tony Costantino, said Bovis Lend Lease is proud to be involved in a project of this size and importance to the Newcastle region.

“Bovis Lend Lease has a strong track record in delivering quality and complex retail projects and we look forward to bringing this expertise to the Charlestown Square redevelopment,” he said.

GPT’s Head of Retail, Mark Fookes, said: “Participating in the growth of the Hunter region, the expansion of Charlestown Square will contribute significantly to the revitalisation of Charlestown’s CBD by improving connectivity through the town centre and delivering civic spaces, community facilities and entertainment and retail precincts.”

As part of the development of Charlestown Square, GPT will deliver a range of new community facilities including a state of the art lawn bowling club, new football fields, a youth and community centre and a new childcare facility.

Construction commenced in January 2008. The extensive development is a three year program, which is expected to reach completion in late 2010.

The project is a significant addition to Bovis Lend Lease’s retail pipeline in Australia, which currently includes the redevelopment of the A$470 million Top Ryde shopping centre in Sydney and the expansion of the circa A$180 million Robina Town Centre on the Gold Coast. The company has over 40 years’ experience in delivering some of Australia’s premier retail destinations including Westfield Penrith in New South Wales, Sunshine Plaza in Queensland and Melbourne Central in Victoria.

ENDS

For further information please contact:

Sally Cameron Lend Lease Corporation Tel: 02 9236 6464

Lend Lease Corporation Limited Telephone +612 9236 6111 ABN 32 000 226 228 Facsimile +612 9252 2192 Level 4, 30 The Bond www.lendlease.com 30 Hickson Road Millers Point NSW 2000 Australia

1

==> picture [97 x 36] intentionally omitted <==

Bovis Lend Lease

Bovis Lend Lease is one of the world’s leading project management, design and construction companies, operating in more than 30 countries and employing over 8,000 people. It is a wholly owned subsidiary of Lend Lease Corporation, which has been in operation since 1958.

In the Asia Pacific region, the business had a turnover of A$2.4 billion as at December 2007, and employs 2,300 people across eight countries, with headquarters in Sydney, Australia. In Australia, the company has offices in Sydney, Melbourne, Canberra, Perth and Brisbane.

In Australia, Bovis Lend Lease has a specialist focus on the commercial, retail, healthcare, government and water sectors as well as multi-site account management, and provides design expertise through its in-house specialists, Lend Lease design. Bovis Lend Lease was named the largest commercial and industrial contractor in Australia in the 2006/07 HIA Reed Construction Data Construction 100 report, having secured A$1.6 billion worth of projects over the year.

Lend Lease Corporation Limited Telephone +612 9236 6111 ABN 32 000 226 228 Facsimile +612 9252 2192 Level 4, 30 The Bond www.lendlease.com 30 Hickson Road Millers Point NSW 2000 Australia

2