GPT GROUP — Investor Presentation 2004

Jun 22, 2004

Lend Lease Corporation Limited

ABN 32 000 226 228

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

Telephone (612) 9236 6111

Facsimile (612) 9252 2192

www.fendlease.com

23 June 2004

The Manager Companies Section Australian Stock Exchange Limited

Pages: forty one (41) pages

Dear Sir

STOCK EXCHANGE ANNOUNCEMENT

The Manager

Companies Section

New Zealand Exchange Limited

LEND LEASE CORPORATION LIMITED MARKET BRIEFINGS - RE-SHAPING OUR FUTURE

With reference to the briefing programme held today in relation to the proposal by Lend Lease Corporation Limited ("Lease Lease") to merge with the Lend Lease managed, listed property trust, General Property Trust, attached is the presentation by the Americas Chief Executive Officer, Ron Oakley.

Yours faithfully LEND LEASE CORPORATION LIMITED

SJ SHARPE Company Secretary

Lend Lease

Music Andrews

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Americas

Saadii mid m

Chief Executive Officer ROD OSKAN

Agenda

• e de la provincia de la provincia de la provincia de la provincia de la provincia de la provincia de la provi Overview
• 2 The Business
• C Our Competitive Advantages
• Growth Outlook 4
• Summary 5

Overview

Key Facts

• Lend Lease Americas businesses n
• Bovis Lend Lease
• Actus Lend Lease
• REI/King of Prussia
• Bovis Lend Lease Œ
• Strong diversified construction management business
• Actus Lend Lease well positioned in US military housing privatization 3
• Strong record consistent returns above cost of capital O
• Strong growth outlook across the business D

Market Position

ELECTIONS	NOMI
MultaUntilResidential	NONE
IMINEM POUSING	NONE
Covernment Office	No r
HOTELS AVEC 5	No r s
Pharmaceutical Plants / R&D Labs	Norso
Senior Living (estimated, not ENR)	Norso
Commercial Active	No n o

ENTAGIUS Clark TEICHRE Tronesichy THE REAL MENTER Elicola D'American Eagle Latemark Mileja Valentine Dotter

$\overline{2}$ . The Business

Bovis Lend Lease United States

Current Sector Portfolio

CPM % of Total by Sector

Lives of Activity

Majority of projects cost reimbursable/negotiated

Time Warner Centre - New York

Time Warner Center, New York, NY

OIGNS

Colliniols Content

Davalorer

MAGO AVORS

Mixeto Usev Time Wamer F.C. Mandarin Hotel, Retail, Residences and Parking; Rezza Interior

The Related Companies, L.P.;

The Pallacium Company

Apollo Real Estate Advisors, L.P.

Score of Work

2.8 million St. 55 floors above elece

Considered Stavics Construction Management, GMP

Total Contract Amount: US\$855 million

Bloomberg Tower, New York

731 Lexington Avenue, New York, NY

other

Byee of Work

Scope of Work

Constituction Service:

Total Contract Amount

Note: 31% complete

Vornado Realty Trust

Mixadulacy Retail, commercial and residential spaces

1,687,825 Seja 52-floor above grade, 101 residental units

Construction Management, CMP

USSZ62 milión

Proposed Trump Tower, Chicago

Trump International Hotel & Tower - Chicago, IL

Mixed Use

Colemn

Trump Organization (401 North Wabash Venture ELO

Lives of Works

Scope of Works

2,491,860 sf. 90-story tower (1125' tall) with 462 condominiums and 224 hotel rooms

Construction Services

Preconstitucion with Intention Constitute for

Tola Quran Budget USS600 Million

Duke University Medical Centre, North Carolina Lend Lease

Duke University Medical Center - Durham, NG

SIGNIN	Duke University Medical Center
WEEKS AVENUE	Various Healthearc facilities
ROCHOLOGIC	Over 919,000 st of space, Eve hstitute, Children's Hospital, Duke Clinic, Vivanum Sudent Fealth Clinic. Medical Science Research. Ecation de

Construction Service: Construction Management, GMP; General Construction, GMP General Construction Lump Sum

Total Contract Amount: US\$ 256 million

BP Global Alliance - United States

BP Global Alliance, United States

enana	$\mathbb{F}$
I WEEKS AWEREN	Reial Service Stations and other Improvements to BP Facilities eioeaim
Scotto More	Reigi site development services for BPAmoco's Global service station nework Non-retail and new markets for EP continues to grow. BP Amoco operates 4, 100 sites and has an overall network of 15,000 service Siallons
Construction Service:	Program Management
	r ann breithin an bheallain an an an an an an an an an an an an an

Actus Lend Lease Mainland Projects

Fort Hood, Texas

For Hood Family Housing LP -Kileen, Texas

USZATIN
Miliary Housing
Construct and renovate approximately 5.900 homes
Construct multiple new community
centers and recreational facilities.
Includes asset, property and
maintanance management
USSZICInkolmoniki kazda

development

US\$2.3 bn 50-year project

Actus Flow of Returns

• Development fees received at financial close Ľ
• Design & Construction fees 2
• Assemianagement fass over 50 vear contract life 2
• Equity returns over 50 year contract life O

King of Prussia Mall, Pennsylvania

King of Prussia Mall - King of Prussia, PA

EUTILE	THE BEACHING IN
	The Court 1981
Stillard Coolage	2.8 million
EUTORESSER	50% 1996 US\$110M
Joint Owners	Kingmark Associates
	Largest enclosed US retail shopping mall
	S department stores
	400 specially shops
	ZOTESEURINS

Our Competitive Advantages

Our Competitive Advantages

• Respected brands 0
• Creat people 53
• Good market position and geographic presence 2
• Consistent performance D
• Proven operational discipline and risk management D

Strength of Bovis Lend Lease US Business Model

• Sirong financial position IJ
• Bonding capacity 3
• Varied market sector mix 8
• Low risk delivery model D
• High repeat customer base 80%+ O
• Local/global experies ◘

Competitive Performance - Bovis Lend Lease US

Turner Turnover is 2X that of Lend Lease

Lend Lease Americas Proven Profit Growth

US S Villions

Note: excludes discontinued REI businesses

Summary Financial Profile

$($ A\$m $)$	2002	2003
(1) Net Profit After Tax
BLL Americas	51.9	56.5
Actus Lend Lease	3.4	4.2
REI	13.0	14.4
Other	(5.5)	(0.6)
Total	62.8	74.5
ROCE - BLL	14.0%	15.3%
(1) Before Group overheads, amortisation and treasury

59% of expected 2005 CPM from BLL already secured 2

Growin Outlook $\Lambda$ .

US Sector Growth Trends

Base business will grow with the market 2

Growth Opportunities

• Significant opportunity for growth exists in: 2
• Securities
• Federal Markets
• Sports (New York Metropolitan Area)
• Community Development

Healthcare Construction Values

Source: McGraw Hill - FW Dodge

Bovis Lend Lease Healthcare Track Record

Building Trends

Current Bovis Projects

Mega Hospitals	• Cornell University Medical Center Long Island Jewish Medical Center Mission Saint Joseph Hospital New York Presbyterian Hospital
Specialty Facilities	Athens Regional Medical Center Duke University Medical Center • Franklin Square Hospital Cancer Center Wake Forest University Medical Center
Medical Office Buildings	Zucker Hillside Psychiatric Hospital $\bullet$ Miami Children's Hospital George Bush Physician Pavilion Holmes Regional Medical Center
For profit hospital companies	Multiple HCA Projects Multiple Triad Hospital Projects Baptist Health South Florida Healthcare Property Group

New York Metropolitan Area Sports Opportunities

• · Nine (9) professional sports franchises representing the NEL, NHL, NBA and MLB
• · Nine (9) new stadium/arena construction and renovation programs planned
• · Major convention center expansion planned (Jacob Javits Center)
• C First MASOAR frack in the Northeast planned for Staten Island
• · New York City selected as United States eity bidding to become 2012 Summer Olympies Host City

Total Anticipated Sports Construction Spend - NY Area

Brooklyn Nets Arena / Atlantic Yards	\$2.5 b
Destiny USA	\$2.2 b
MSG Mixed-Use Development	\$2 b
Jacob Javits Center Expansion	\$1.2 b
New York Jets Stadium	\$1.2 b	BLL/Hunt 1of 2 - Award Date 2/05
New Madison Square Garden	\$500m
Newark Arena	\$355m	BLL/Hunt 1of 3 - Award Date 11/04
Giants Stadium	\$300m	BLL/Hunt 1of 3 - Award Date 1/05
New Nassau Coliseum	\$300m
New York International Speedway	\$400m
New Shea Stadium	\$800m	BLL/Hunt 1of 2 - Award Date 1/05
New Yankee Stadium	\$800m
2012 Olympic Games	\$12 b
Grand Total	\$26.5 billion

US Government Construction Budget

Federal Government Agency	US \$ 2003	2004	2005	Key Notes
Department of Transportation	\$33.8 B	\$36.9 B	\$38.6 B	FHA has budget of \$33.6 B for FY 05
Department of Defense	\$10.6 B	\$9.2 B	\$9.3 B
Department of Housing and Urban Development	\$4.9 B	\$4.9 B	\$4.6 B	Distributed to cities/states for housing
General Services Administration	\$1.2 B	\$1.6 B	\$1.7 B
Department of State and International Asst	\$1.4 B	\$1.4 B	\$1.5 B	\$17.5b capital plan over 14 yr period beg. FY 2005
Corp of Engineers - Civil Works	\$1.7 B	\$1.7 B	\$1.4 B
Department of Homeland Security	\$1.0 B	\$1.2 B	\$1.1 B
Department of Veterans Affairs	\$284 M	\$481 M	\$661 M	CARES Commission - \$4 b program
Department of Justice	\$19 M	\$55 M	\$2 M	A moratorium put on Bureau of Prisons from DOT

Source: Federal Budget FY 2005

US Privatised Sector Construction Opportunities Land Lease

Federal/State and Local Government

• Dept. of Defence Military Housing O
• Higher Education Student Housing 3
• Higher Education Public Campuses 83
• KY2 Religition 8
• Transportation Bus/Toll Roads I.
• Avallon Ĩ3
• Correctional Facilities C
• Energy O
• Water and Wastewater Treatment Facilities C

Actus Military Housing Projects (Operations & Pipeline)

	2004	2005
			Complete 2006
ETE TITOTI $5.912$ units \$220M (Brks 13,500)		Construction On-Going: First Renovations Mar 2002, First Converted April 2002, First New Homes August 2002
			Complete 2008
Beachdraid in Romman A BAILT \$106M (Brks 4,223		Construction On-Going: First Renovation Sept 2003, First New Home Mar 2004
			Complete 2014
Rox Commod $4.225$ units \$232M (Brks 4,472)		Construction On-Going: First Renovation Dec 2003, First New Home Mar 2005
	Glose	Start Const	Complete 2014
TETTER ROLL 7 668 units \$1.7B (Brks 6,843)	CDMP / Approvals / NTP/ Transition
	Oct- Close	8263 Start Const	Complete 2003
HA CHILLE $1/356$ units	CDMP / Approvals / NTP/ Transition
\$239M (Brks 673) Phase II 2,000	Stro-	SEITOOTS Close Aug
RUDITION			Complete 2015
$3.516$ units \$330M (Brks 3,099)	CDMP / Approvals / NTP/ Transition

reb.

May

• $\cdot$ 24,895 homes
• \$2.8B in initial development scope S
• \$13.1B BAH revenue over 50-year term of project

Growth Opportunities -Other Military Opportunities

• Seven projects in pipeline and obtainable over next twelve 83 monins
• Military Barracks privatisation (commencing 2005/2006) 2
• Military Base Realignment and Closure (BRAC) IJ
• Other opportunities under evaluation: 2
• Continuation of military housing privatisation past 2007
• IDIQ (MILCON) Indefinite Delivery/Indefinite Quantity
• Military Transient Lodging Facility
• Military Medical Facility Privatisation
• Department of Defence Schools Privatisation

Base Realignment & Closure (BRAC)

• US Congress authorized another round of base closures FY2005 - approx 80 bases
• Actus or LL opportunity to be master developer
• Community retain land
• Actus sell parcels to third party developers or to itself
• Share proceeds with community
• US President action on September 8th, 2005
• Rolls out following 24 months O

Summary

Summary

• Established market position at relatively low capital cost O
• Strong market positions in key American markets O
• Longer term earnings security from Actus and King of Prussia C
• Track record of profit growth since acquisition of Bovis by Lend 0 Let 180
• Potential to develop Urban Communities business through Lend C Lease US' market position and Lend Lease Group skills
• Operational efficiency C

______________________________________

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