GPT GROUP — Investor Presentation 2004

Sep 15, 2004

16 September 2004

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

Attention: Andrew Black

Dear Sir

Stock Exchange Announcement

Lend Lease Corporation Limited & General Property Trust Joint Market Briefing

The Merged Lend Lease Group Philosophy, Strategy, Operations

With reference to the briefing to be held today in relation to the proposal by Lend Lease Corporation Limited ("Lend Lease") to merge with General Property Trust, attached are the combined presentations by:

• Group CEO, Greg Clarke
• CEO Investment Management, Nic Lyons
• CEO Asía Pacific & Americas Development & Construction, Ross Taylor
• CEO UK & EMEA Development & Construction, Adrian Chamberlain $\bullet$

Yours faithfully GPT MANAGEMENT LIMITED

James Coyne Legal Counsel & Company Secretary GPT Management Limited ABN 94 000 335 473

Level 4 30 The Bond 30 Hickson Read Millers Point NSW 2000 Australia

Telephone 02 9236 6999 Facsimile 02 9236 6020

GPT@lendlease.com.au

The Merged Lend Lease Group

Philosophy, Strategy, Operations

September 2004

• Merger Update ➤
• Lend Lease View ➤
• GPT View $\blacktriangleright$
• Merged Group Profile ➤
• Merged Group Operating Philosophy ➤
• Merged Group Strategy and Management Processes ➤
• Management Presentations ➤
• Investment Management & Retail
• Construction & Development Asia Pacific & US
• Construction & Development UK & EMEA
• Q & As ➤

Merger Update

La Timbrish

• $\triangleright$ Lend Lease proposed merger 24 May 2004
• $\triangleright$ GPT Board recommendation to proceed 6 August 2004
• $\triangleright$ Revised terms reflect agreement on
• Financial terms
• Non financial terms
• $\triangleright$ Current timetable
• Explanatory Memoranda due mid October
• Investor meetings to be held mid November
• Implementation December 2004

Lend Lease View

Quality businesses with strong growth potential ➤

• Real estate funds management and asset management
• Retail asset, development and property management
• Urban community development
• $-$ UK PFIs
• Project and construction management
• $\triangleright$ Experienced and qualified workforce, diverse skills, knowledge, capabilities
• $\triangleright$ Strategic review determined merger creates best shareholder value

Significantly enhances growth options and delivers stronger total return profile

Exercoerational Benefits afor Core Businesses from Merger

Core Businesses	Key Operational Benefits
Funds Management, Asset Management and Ownership	Access to assets outside Australia ٠ Access to assets through broader business relationships Ability to accelerate wholesale funds management business growth (co- investment, asset warehousing) Complete alignment of interest between Lend Lease and GPT
Retail Asset Development and Management	Delivers scale to expand business ٠ Creates options to pursue direct ownership as well as third party capital model in UK and Singapore Secures access to earnings from all components of value chain
Urban Community Development	• Provides scale to accelerate growth opportunities in all three regions Enhances capacity to derive integrated earnings, i.e. retail asset ownership within major communities
PFIS	• Provides scale to leverage leading market position Potential new investment asset class from PFI equity returns
Project and Construction Management	Increased scale enhances bonding capacity ۰ De-risks investment asset creation and redevelopment Underpins competitive advantage to win major contracts

General Property Trust View

Quality portfolio with consistent earnings growth ➤

• Diversified by sector and geography
• \$8 billion domestic assets
• Experienced and capable management team
• Strong balance sheet
• $\triangleright$ Needs growth in a changing sector
• Incrementally introduced higher growth activities
• Investors rewarding strong sustainable earnings growth
• Current structure limits growth options

• $\triangleright$ Financial terms address risk
• $\triangleright$ Maintain high quality portfolio
• Diversity and stability of income retained
• Quality offshore assets
• Development pipeline
• $\triangleright$ Continuity in management
• Maintain intellectual capital, systems and processes $\overline{\phantom{0}}$
• Retail development expertise $\overline{\phantom{0}}$
• $\triangleright$ Strong and proven focus on investor returns
• $\triangleright$ Merger maintains quality portfolio and access to quality growth businesses

General Property Trust View

Merced Group Profile

Leading diversified entity in the LPT sector

Asset Ownership

• \$10 billion in quality investment assets ➤
• \$5.7 billion retail portfolio ➤
• 3 of top 10 performing Australian centres
• Operating metrics significantly ahead of industry averages
• Investment in strongly performing UK & US assets
• \$3.0 billion Australian office portfolio ➤
• Dominant position in Australian nature ➤ based tourism
• Quality domestic industrial assets with ➤ significant development potential

Corporate Earnings

• Leading wholesale funds management business in Asia and the UK
• $-$ \$6.0 billion Asia Pacific $-$ APIC, REP, APPF, Real Estate Securities
• Urban community development ➤
• Leading Australian developer of urban communities
• Actus Lend Lease strong market share
• High profile start in UK
• Project and Construction Management
  • No 1 in UK
  • Top 10 in US
  • No 5 in Australia

Merged Group Operating Philosophy ITHERS

$\triangleright$ Listed Property Trust focus

• Competitive earnings growth
• Limit volatility in earnings and distributions
• Strong risk-adjusted total returns
• Transparency and disclosure
• Prudent capital and financial risk management

Merged Croup Strategy

Australia

• Continue GPT's current portfolio strategy
• Focus on consistency in earnings
• Optimise portfolio to maximise performance
• Selectively expand to enhance earnings growth
• Continue to diversify earnings stream to reduce volatility
• Drive development pipeline in retail and industrial
• Leverage
• Lend Lease's superior backlog and development skills
• Current strength to capitalise on wholesale FUM opportunity in next 2-5 years

Overseas

• Enhance security holder returns through ➤ appropriate investments in asset ownership and development
• Market leadership in established and ➤ targeted offshore markets
• Secure major UK retail developments ➤
• Significantly increase the scale of the UK ➤ Urban Communities backlog
• $\triangleright$ Extend Actus Lend Lease position and grow US Urban Communities backlog
• Maintain Bovis Lend Lease position as a ➤ leading international construction organisation

Maintaining Earnings Mix

Merged Entity Earnings

Note: Earnings based on FY05 pro forma PAT pre amortisation and interest

• Stable and growing earnings base
• $\triangleright$ Objective to maintain investment income around 70%
• Lend Lease investment income growth in FY04 12%
• $\triangleright$ Senior management variable compensation to be based on achieving intended target 7% p.a. growth in distributable earnings

Prudent Capital Management

• $\triangleright$ Overall allocation of capital for investment versus corporate activity established
• Strategy determines capital availability, return requirements and overall allocation between investment and corporate activities

$\triangleright$ Corporate earnings

• Strategy determines identification of opportunities
• Businesses compete for allocated capital based on IRR requirements
• Earnings impact and total return assessed
• $\triangleright$ Investment earnings
• Strategy determines identification of opportunities
• Existing GPT pipeline and investment process operates to vet options

EDisciplined Investment AManagement Process

Allocation process September 1987

• Long-term allocation and return requirements create investment template
• Businesses operating within individual templates to identify opportunities and $rac{1}{2}$ evaluate risks
• $\triangleright$ Group level sensitivity analysis
• Identify appropriate outcomes/risk management evaluation
• Prioritise opportunities to deliver results
• $\triangleright$ Target
• Diversity of earnings streams geographically and by type
• Management of risk via quarterly review of framework / forecasts
• Identification of clear pathways to target returns
• $\triangleright$ Around 70 / 30 split is sustainable

Balance Sheet Management

• $\triangleright$ Focus on maintaining strong balance sheet
• $\triangleright$ Total real estate investment assets \$10 billion
• $\triangleright$ Policy guideline of 25-35% gearing
• Maintain appropriate risk profile
• "A" credit rating objective
• Standard & Poor's indicating "A" or "A-" and Moody's "A2" or "A3"
• $\triangleright$ Capital raising policy
• Maintain funding flexibility
• $-$ DRP potential to raise regular capital
• $\triangleright$ Interest rate and currency risk management

LETTI E SERVIT

Currency Fleeging

• Offshore earnings hedging policy $\blacktriangleright$ has been effective in mitigating currency volatility
• US\$ earnings hedged (FY04)

	Range	Rate
Y 2005 -	$60 - 100\%$	0.58
Y 2006 :	$40 - 70\%$	0.66
: Y 2007	$10 - 40\%$	0.66

GBP earnings hedged in similar ranges to US\$ at 38 pence across all years (at FY04)

Transparency and Communication

• Maintain 'best practice' LPT style disclosure and Investor Relations model ➤
• Full Year / Half Year presentations ➤
• Regular portfolio / business updates and detailed information ➤
• Program of access to several layers of management $\blacktriangleright$
• MD and CEOs
• Portfolio Managers
• Operational management
• ➤ One-on-one meetings with senior management
• Regular update and tour program ➤
• Website ➤

Tight, Flat Management Structure

Responsible for:

• $\triangleright$ Retail Global
• $\triangleright$ Diversified Asset Portfolio $-$ Global
• $\triangleright$ Wholesale Funds Management - Global

Responsible for:

• $\triangleright$ Urban Community Development - Australia & Americas
• $\triangleright$ Project and Construction Management - Australia, Asia & Americas

Responsible for:

$\triangleright$ Urban Community Development - UK / Europe

Innikas

$\triangleright$ Project and Construction Management - UK; Europe, Middle East & Africa

	Asia Pacific	US	UK / Europe
Real Estate Funds Management, Asset Management and Ownership	• General Property Trust ("GPT") Australian Prime Property Fund Real Estate Partners • Asia Pacific Investment Company Real Estate Securities	King of Prussia 24	UK Retail Partnership Overgate Partnership Bluewater
Retail Asset Development and Management	Retail property management Retail development	BRAC program* - retail component	Retail property management Retail development
Urban Community Development	Delfin Lend Lease $\bullet$ Lend Lease Development	• Actus Lend Lease BRAC program* $\mathcal{C}$	Greenwich Peninsula UK Urban Communities*
PFIs	Market watch $\bullet$	Market watch $\bullet$	UK Heathcare UK Defence Estates UK Government accommodation UK education
Project and Construction Management	Bovis Lend Lease $\bullet$ .	Boyis Lend Lease O.	Bovis Lend Lease

* Possible, not yet established

The Merged Lend Lease Group Strategic & Operational Overview

Nic Lyons - CEO

Investment Management

Shivestment Management Agenda

• Strategy ➤
• Structure $\blacktriangleright$
• $\triangleright$ Asset Ownership
• Overview
• Growth Opportunities $\qquad \qquad$
• $\triangleright$ Retail
• Overview
• Growth Opportunities
• $\triangleright$ Wholesale funds management
• Overview
• Growth Opportunities $\overline{\phantom{000000000000000000000000000000000000$
• $\triangleright$ Risk Management Disciplines

$\triangleright$ To maintain and enhance a quality diversified portfolio of assets providing superior risk-adjusted returns

$\triangleright$ Continue to develop and grow wholesale funds management businesses to provide strong returns for investors

$\triangleright$ Capitalise on significant retail development pipeline in wholesale and owned assets

Themeganglu inentesyal Sirtoture

• Continuity of management ➤
• Ability to leverage domestic expertise into offshore markets ➤

Elinyestment Management BUSINESS OVERVIEW

Diversified Asset Ownership

• $\triangleright$ Large scale, diverse, quality portfolio
• $\triangleright$ Australian Office Portfolio \$3.0 billion
• 98% prime assets
• 93% occupancy, strong tenant profile
• Average lease term 6.3 years
• $\triangleright$ Australian Hotel / Tourism Portfolio \$778 million
• Unique, quality assets
• Dominant position in growth sector nature-based tourism
• $\triangleright$ Australian Industrial / Business Parks \$326 million
• Quality Sydney / Melbourne assets
• Limited vacancy (6%)
• Average lease term 5.6 years
• Development opportunities

National Building at Docklands

The Point at Dusk, Bedarra Island

Quad 2

Investment Management Business Overview

Diversified Asset Ownership: Growth Opportunities

• $\triangleright$ Maintain current strategies, investment templates and quality focus
• $\triangleright$ Maintain intensive asset management focus
• $\triangleright$ Growth through selected acquisitions across all portfolios
• $\triangleright$ Office
• National Buildings & Darling Park 3
• Market recovery
• $\triangleright$ Hotel / Tourism Portfolio
• Deliver synergies (P&O / Voyages)
• Inbound tourism showing signs of growth $\equiv$
• $\triangleright$ Industrial / Business Parks
• $-$ Quad 4
• Significant development pipeline (350,000 sqm)

Trivestrient Management Business Overview

Land Castle

Retail

• $\triangleright$ Large scale, quality portfolio
• $\geq$ 3 of 10 top performing Australian centres
• $\triangleright$ No 1 centre in UK
• $\triangleright$ Strong retail development and management
• $\triangleright$ Platform in Australia, UK and Singapore

Retail Assets $\Box$ UK Retail B US Retail ■ Domestic Homemaker Domestic Shopping

Centres

Thvestment Management Business Overview

Bubble Bridge, Melbourne Central

The Hive, Erina Fair

Sunshine Plaza

Elnyestment Management BUSINESS OVERVIEW

Australian Retail Portfolio (\$3.9 billion)

• Ownership and management of 15 shopping centres and 14 Homemaker assets ➤
• High levels of productivity (at \$9,009 for regionals June 04) ➤
• Base rent / sqm up 3.9% (June 04)
• Significant exposure to major growth markets

Growth Opportunities

• Maintain current strategies, investment templates and quality focus ➤
• Continue active management to drive rental growth and maximise income streams ➤
• Deliver established development pipeline ➤
• Build on current success
• Approx. \$1 billion next 5 years
• Leverage integrated model and opportunities

Slavestment Management Development Pipeline

	2002	2003	2004	2005	2006	2007	2008
Floreat Forum	\$48M
Erina Fair	\$106M
Melbourne Central
Penrith Plaza
Macarthur Square			\$95M*
Rouse Hill Regional Centre				\$300-350M*
Charlestown Square
Chirnside
Wollongong Central					Martin Martin Martin Martin Martin Martin Martin Martin Martin Martin Martin Martin Martin Martin Martin Mar
Sunshine Plaza	\$20M

Complete

* Approximate value and timing

Themeganghi Mentenis Trans Business Overview

Filip Car

UK Retail

• $\triangleright$ Management of a portfolio of high quality assets
• Assets under Management \$5.6 billion
• Funds under Management \$2.0 billion
• $\triangleright$ Strong reputation and proven track record
• Leading asset and property management skill base
• Successful development track record
• $\triangleright$ Established relationships with institutions / owners
• Augments deal flow and access to third party capital
• $\triangleright$ Ownership interests in 3 quality retail assets + Warrington
• Value of direct ownership interests \$1.7 billion (includes Warrington, approx \$100 million)
• Underpinned by Bluewater No 1 UK retail centre

UK Shopping Centre Management Track Record

UK Retail Development	Total
Track Record *	(GBP)
Development Cost	1,033
Value on Completion	1,470
Value Today	1,985
Value Add	952

Total Returns Vs Benchmark Assets Under Management Three Year Average 2001 - 2003

Trivestment Management Business Overview

UK Retail: Growth Opportunities

• $\triangleright$ Maximise returns from existing assets
• Capitalise on strong performance and rent review profile
• Continue active management to drive performance
• $\triangleright$ Exploit proven operating platform in large and growing market with value add opportunities
• Undercapitalised assets, under-retailed market
• Evolving operating environment (eg lease structures)
• $\triangleright$ Leverage established relationships to secure opportunities
• Fragmented ownership
• From existing pipeline, secure one retail development every year
• $\triangleright$ Structure new opportunities to maximise earnings mix and growth
• Flexibility of ownership structures (balance sheet / wholesale funds / JVs)
• $\triangleright$ Leverage Australian based experience with proven local expertise

Themephall inemissing Business Overview

Singapore Retail

$\triangleright$ Management of \$606 million retail portfolio on behalf of APIC

• Cornerstone investment Parkway Parade Singapore's largest and No 1 ranked suburban retail centre
• $\triangleright$ Established operating platform
• Successfully operating in Singapore for 30 years
• Leading skill base in retail development and design & construction
• Existing wholesale funds management business (APIC) $\equiv$
• Established local relationships (retailers, owners, investors)
• $\triangleright$ Solid reputation and proven track record (Parkway Parade)
• Value adding property management skill base
• Superior development returns and value creation
• ► Book value of APIC II co-investment \$37 million

Filip Car

Singapore Development Track Record

50%

2001

Singapore \$	Parkway Parade
Acquisition cost (\$M)	496
Acquisition yield	5.7%
Redevelopment cost (\$M)	36
Total	532
Value on completion (\$M)	625
Yield on completion	6.2%
Development profit (\$M)	93
Development margin	17.5%

Parkway Parade Net income as a % of Gross Income 90% 80% 70% 60%

2002

2003

Frivesiment Management Business Overview

Singapore Retail: Growth Opportunities

• $\triangleright$ Play a leading role in the consolidation of the Singapore retail market
• Fragmented ownership market, entering a consolidation phase
• Exploit established relationships to secure opportunities
• $\triangleright$ Selectively participate in greenfield retail development
• Market is under-retailed, with Government masterplanning controlling supply
• Attractive development returns relative to risk
• $\triangleright$ Structure transactions to maximise opportunities
• Flexibility of ownership structures balance sheet, wholesale co-investment, JVs
• Mix of investment and corporate earnings streams
• Potential for earnings boost through optimisation of Singapore debt funding
• $\triangleright$ Leverage Australian based experience and proven local expertise

Themesinent Management Business Overview

Wholesale Funds Management

• $\triangleright$ Established scale, diversity and long term track record
• $\triangleright$ Existing vehicles delivering performance
• $\triangleright$ Strong capital inflows
• $\triangleright$ Excellent platform for growth

Fund	Total Assets	1 Yr Return (June 04)
APPF Retail	\$1.7 billion	18.9%
APPF Commercial	\$604 million	10.0%
APPF Industrial	\$201 million	12.2%
REP I	(divesting)	20.4%*
APIC II	\$633	18.2%
Lend Lease Retail Partnership	\$1.6 billion	15.9%
Lend Lease Overgate Partnership	\$357 million	11.5%

* p.a. return on assets realised to date

Trivestment Management Business Overview

Wholesale Funds Management: Growth Opportunities

• $\triangleright$ Potential for greater alignment, co-investment and joint venture ownership arrangements
• $\triangleright$ Expanded pipeline of opportunities to meet investor demand and grow funds under management
• $\triangleright$ Capitalise on performance and strong outlook of existing vehicles to raise new equity
• $\triangleright$ Successfully deliver identified development opportunities (APPF)
• $\triangleright$ Leverage reputation and key relationships to secure opportunities
• Strong relationships with UK pension funds and life companies $\overline{\phantom{0}}$
• Strong reputation in retail funds, asset and development management in all regions

Thyestment Management Qoerational Disciplines

• $\triangleright$ Financial management earnings target
• Quarterly asset reviews $\blacktriangleright$
• Detailed asset planning process ➤
• $\triangleright$ Pipeline process for acquisitions / developments
• $\triangleright$ Diversity of earnings
• Caps on portfolio exposures
• Management accountability and high levels of disclosure ➤
• Disciplined development process ➤

Trivestment Management Operational Disciplines

Investment Management Operational Disciplines

• $\triangleright$ Proven platforms across all business areas
• $\triangleright$ Solid reputation and track record
• $\triangleright$ Strong skill base, with experienced people and proven processes
• $\triangleright$ Ability to overlay Australian expertise with offshore expertise
• $\triangleright$ Integrated opportunities in retail development, ownership and property management across key regions

The Merged Lend Lease Group Strategic & Operational Overview

Ross Taylor – CEO Asia Pacific & Americas

Development & Construction

Strategy $\blacktriangleright$

Business Overview/Growth $\blacktriangleright$

Operational Disciplines $\blacktriangleright$

• Strengthen Lend Lease's position as the leading residential $\blacktriangleright$ urban community developer in Australia
• Cement Actus' leadership position in Military housing $\blacktriangleright$ privatisation and look to establish a Delfin style US business
• ➤ Return Bovis Lend Lease Asia Pacific to solid profits and, having achieved this, then position it for medium term growth
• Set Bovis Lend Lease Americas up for good growth by virtue ➤ of returning strength in a number of key US markets

Sirretre

Results 2003/04 (A\$ million)

	Urban Community Development Asia Pacific	Urban Community Development Americas	Bovis Lend Lease Asia Pacific	Bovis Lend Lease Americas
Profit after tax	86	5	(27)	62
Backlog	59,000 units	24,400 units	83 GPM	195 GPM

Caroline Springs, Victoria

Twin Waters, Queensland

Victoria Harbour, Victoria

Dwelling Commencements

77753

BIS Shrapnel - May 2004

Major Players

Estimated Backlog

	Land	Units	Senior	Total
Lend Lease	51,000	8,000	224	59,224
Stockland	32,300	1,500		33,800
Peet & Co	24,000			24,000
Australand	17,635	2,662		20,297
Mirvac	14,500	4,750		19,250
Multiplex	5,655	6,674		12,329
A V Jennings	8,000			8,000

Dalin Land Laase Ploaline

Backlog Lots

			2005	2006	2007	2008	2009	2010	2011	2012	2013 & Beyond
Trading	The Chase	250
	Fairway	150
	Riverside Gardens	550
	Forest Lake	450
	Craigiebum	1,200
	Forest Gardens	750
	Varsity Lakes	400
	Springfield Lakes	9,900
	Holroyd Gardens	200
	Caroline Springs	4,000
	Edgewater	250
	Pakenham	1,450
	Mawson Lakes	1,750
Start-up	St Marys	5,350
	Nelson's Ridge	1,350
	Waterford	1,200
Secured/	Yarrabilba (SEQ)	16,000
Rezoning	Calderwood (Sydney)	4,000
	Tanglewood (SEQ)	1,800
	Total Secured Backlog	51,000
Preferred Negotiations		30,000
	Potential Total by June 2006	81,000

Davelopment Pipeline

Fort Campbell, Kentucky

Fort Hood, Texas

Beaufort, South Carolina

MarketShare

Secured

Fort Hood Beaufort Tri-Command Fort Campbell

Preferred

• Hawaii RCI Hickam AFB(1)
• Fort Drum RCI

Bid opportunity

Housing privatisation Barrack privatisation Lodging

Construction Asset management Bid Opportunity Preferred Bid

$(1)$ Subject to appeal – expected to be withdrawn following commercial negotiations between the parties

Darling Park 3, Sydney

Nokia Rollout, Japan

126 Phillip Street, Sydney

36% of revenue from within Lend Lease for year ended 30 June 2004

Market Attractiveness Lindas p

Segment Cycles & Growth

Time Warner Centre, New York

Trump Tower, New York

BP, Global

Competitive Position

Sector Position

Healthcare	#1
Multi-Unit Residential	#1
Military Housing	#1
Government Offices	#4
Hotels / Motels	#5
Pharmaceutical Plants / R&D Labs	#5
Senior Living (estimated, not ENR)	#5
Commercial / Office	#6

PRIMARY COMPETITION - SKANSKA, TURNER, CENTEX, CLARK1

Source - 2003 ENR (McGraw Hill)

Competitive Position

Market Share by Geography

New York	28%
Miami	10%
New Jersey	8%
Washington DC	7%
Boston	5%
Charlotte	5%
Chicago	4%
Raleigh	4%
Atlanta	2%

\$US Market Growth US\$500 billion market size

$\blacksquare$ 2003 $\blacksquare$ 2004 $\blacksquare$ 2005 $\Box$ 2006 $\blacksquare$ 2007

Source: McGraw Hill, FW Dodge

Opertional Disciplines

Operational Disciplines Development

Strategic Fit

• Building a business not event ➤ development
• We must have a competitive ➤ advantage – hence focus on LMPUCs and Retail
• Large Scale barriers to entry ➤
• Recognised growth corridors try to ➢ dominate if possible

De Santa Companya

• No large capital outlays ahead of zoning
• ➤ Third party capital model where possible
• Established track record with the ➤ relevant authorities an advantage

Ravenue

• Extensive market research ↘
• In-house skills for product and software ➤ creation as well as sales and marketing
• Active leverage of our development ➤ contributions
• Small diverse stages ➤
• For major components only move with ➤ significant pre-commitment

DEIVENTIONEN

• Highly experienced in house ➤ development managers
• In-house project management Bovis ➤
• ➤ Preferred suppliers for non-Bovis components
• Committed to quality and safety ➤

Soeratonal Disciplines Construction

Time

• Risk pass through to subcontractors ➤
• $\blacktriangleright$ Program contingencies
• Detailed programming with peer and supply ➢ chain reviews
• Experienced project managers ➤
• Lend Lease foreman and construction ➢ workers

Most of the value is subcontracted ➢

• Preferred and proven subcontractors ≻
• Contingencies ➢
• $\blacktriangleright$ Two stage lump sum process
• $\blacktriangleright$ In-house estimators, cost planners
• In-house design and technical expertise ↘
• ➤ Quantity surveyor in house to understand what the trade price build up/s should be

Quality

• High quality planning and coordination ➤
• Lend Lease has own tradesmen / women ↘
• Deep sector experience

Saan

• IIF program ≻
• It is a real part of our values ➤
• Industry leading training for our staff and our ⋟ suppliers
• Work with designers and suppliers ahead of ➤ drawings being finalised
• Lend Lease in-house technical experts ➤
• Absolute leadership commitment ➤

Contractual

• Clear internal limits of authority ⋟
• Risks we cannot control are capped ➤
• Detailed sign off reviews

The Merged Lend Lease Group Strategic & Operational Overview

Adrian Chamberlain - CEO UK & Europe, Middle East & Africa Development & Construction

EMEA - Overview

• $\triangleright$ Development, construction and real estate investment business based predominantly in the UK
• $\triangleright$ Number 1 UK construction business
• $\triangleright$ Leading participant in Private Finance Initiative (PFI) programme
• $\triangleright$ Developer and manager of UK's premier retail and urban development schemes
• $\triangleright$ Substantial opportunities in retail and urban communities

La Titul La Santa

EMEA Strategy

• $\triangleright$ Three business streams complementing each other in a growing and increasingly interlinked market
• Bovis Lend Lease: high growth, market leadership, focus on major projects and established customers:
  • Government
  • Private Sector (particularly Commercial Office and Retail)
• PFIs / PPPs: ((Healthcare; Defence; Education))
• Urban Communities: development and master-planning skills concentrated on UK Government "Sustainable Communities Plan"

I gri paga

Boyis Lend Lease UK / Europe

• Established 120 years ago ➤
• UK market leader (No. 1) ➤
• Long term client relationships with ➤ leading property companies and institutions
• $\triangleright$ Asset clients delivering more than 50% of GPM (mostly negotiated contracts / limited competition)
• Market dynamics changing in business' favour
• Projects increasing in size and complexity
• Strong general construction market growth outlook
• Focus on UK Healthcare PFIs / Defence ➤

UK Construction Market Share - Top 4

Boyis Lend Lease - Europe Londers UK Construction: Market Growth Forecast 2002-2012

CAGR % Outlook

DOffice E Commercial ■Institutional □Residential

Source: Global Insight

Three Year Outlook Current $4%$ $5%$ 24% $5%$ 41% $4%$ $8%$ 45%

$MSE$ ■Asset Clients DMOD ■ Multisite ^■Other

Source: Global Insight and Bovis Lend Lease Projections

29%

35%

Operational Discipline Risk Management

Robust risk procedures

Processes for two stage lump sum projects, from submission to close out

• $\triangleright$ Go/No Go >Limits of Authority
• $\triangleright$ Tender Period Checklist
• $\triangleright$ Limits of Authority
• $\triangleright$ Credit Assessment Scorecard
• $\triangleright$ Conversion Strategy
• $\triangleright$ Pre-commitment Review
• $\triangleright$ Risk Assessment
• $\triangleright$ Project Profit Plan
• $\triangleright$ Tender Settlement Meeting Agenda
• $\triangleright$ Tender Close Out Report
• $\triangleright$ Shift Statement

• $\triangleright$ Start Sheet

• $\triangleright$ Limits of Authority

• $\triangleright$ Key Document File
• $\triangleright$ Audit Programme
• ▶ Procurement Strategy
• $\triangleright$ Shift Statement
• $\triangleright$ Risk Assessment
• $\triangleright$ Letters of Intent
• $\triangleright$ Pre-commitment Review

• Project Profit Plan

• $\triangleright$ Limits of Authority

• Standard Project Procedures

• Project Execution Plan (PEP)

• $\triangleright$ Key Document File
• $\triangleright$ Internal Monthly Reports
• $\triangleright$ Monthly Reports to Client
• $\triangleright$ Audit Programme
• $\triangleright$ Financial Controls
• $\triangleright$ Letters of Intent
• $\triangleright$ Project Close Out

BIKAEurope PFIS Healthcare

Potential UK Health Sector Projects $2004 - 2008$

PFI is a key UK Government long term ⋗ funding strategy

• Committed to 10 years of investment in Health and Education
• $-$ Health capex $\geq$ billion p.a.
• Lend Lease has established a leading market share in UK
• Building sustainable long term returns from PFIs (30-35 year contracts)
  • Construction profits
  • Facilities management fees
  • Equity returns
• Expanding into Europe (Italy and Spain)
• Current portfolio: 9 hospitals
  • $-8$ UK, 1 Italy

➤

• Currently bidding on
• Leicester (£1 billion) and Northern Batch projects (£300 million) in UK
• Projects in Italy and Spain (£300 million)

UKAEUrope PFIS Oiner

$\triangleright$ UK Defence Estates (PPPs)

• Focus on long term earnings streams
• 5 to 7 years
• $\triangleright$ UK Government accommodation
• HM Treasury project
  • Stage 1 completed
  • Stage 2 completion Oct 2004
• $\triangleright$ UK Education
• Current portfolio: 4 projects
• Renewed focus

HM Treasury, London

UKPFIS Géneric Payment Mechanism

......................................

Illustrative profit profile - Health & Education sectors

Urban Community Development Europe

• $\triangleright$ Significant opportunity in UK for Lend Lease's Urban Community Development business model
• $-$ Supply / demand imbalance
• UK Government plan to increase supply
• 200,000 new homes by 2016 in 4 growth areas in South East England
• $\triangleright$ Focus on large land management projects
• $\triangleright$ Lend Lease well placed on back of Greenwich Peninsula project

South East England Government Growth Areas

Urban Community Development Europe

Greenwich Peninsula

• $\triangleright$ New community for London which maximises urban density
• 10,000 homes, 20,000 residents
• 3.5m sq ft commercial
• 0.35m sq ft retail
• End value £5 billion (A\$13 billion)
• $\triangleright$ Largest planning approval in UK
• Achieved in record time
• $\triangleright$ Significant enhancement to Lend Lease's reputation
• Generate annuity style earnings from June 2006

UK & EMEA Devélopment & Construction Sunnnary

• $\triangleright$ Each business very well positioned
• $\triangleright$ Strong growth outlook for core markets
• $\triangleright$ Long term, multiple earnings streams from
• Urban communities development
• $PFs$
• $\triangleright$ Potential new asset class in PFI equity

• Merged group's scale will enhance prospects for all UK / Europe development and construction operations

I KATI I DI KATA

Important information

In making an investment decision, investors must rely on their own examination of the Lend Lease Group and GPT, including the merits and risks involved in the proposed stapling transaction which will be set out in detail in the Explanatory Memoranda which will be sent to security holders. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any investment decision.

This presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation (any of which may change without notice). To the maximum extent permitted by law, Lend Lease Corporation Limited, GPT Management Limited, their directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered through use or reliance on anything contained in or omitted from this presentation.

Prospective financial information has been based on current expectations about future events and is, however, subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial information. These factors, including the risks and assumptions, will be set out in detail in the Explanatory Memoranda for the proposed stapling transaction which we expect to dispatch in October 2004. Deviations are both normal and to be expected.

You should wait to receive the fully detailed Explanatory Memoranda before making any decision regarding the proposal. However, if you have any questions in the interim, please phone the Lend Lease / GPT Merger Information Line, in Australia 1300 302 138, internationally +61 2 9240 7468, operating from 9am to 5pm AEST. Further information about the merger proposal, including the full announcement to the ASX and investor briefing presentations, is available on the Lend Lease website at www.lendlease.com.

This presentation is not a prospectus nor an offer of securities for subscription or sale.