STOCK EXCHANGE ANNOUNCEMENT

LEND LEASE AND GENERAL PROPERTY TRUST APPOINTED TO DELIVER NEW REGIONAL CENTRE IN ROUSE HILL

The Honourable Diane Beamer MP, Minister Assisting the Minister for Infrastructure and Planning, has announced the Lend Lease Corporation Limited ("Lend Lease") and General Property Trust ("GPT") joint venture as the successful partner with the Department of Infrastructure, Planning and Natural Resources ("DIPNR") and Landcom to deliver the Rouse Hill Regional Centre in Sydney's north-west corridor, valued at over A\$1 billion, following signing of the Project Delivery Agreement.

Further details are contained in the attached media release.

Yours faithfully LEND LEASE CORPORATION LIMITED

SJ SHARPE Company Secretary

Attch

MEDIA RELEASE

LEND LEASE AND GENERAL PROPERTY TRUST APPOINTED TO DELIVER NEW REGIONAL CENTRE IN ROUSE HILL

The Honourable Diane Beamer MP, Minister Assisting the Minister for Infrastructure and Planning. has announced the Lend Lease Corporation Limited ("Lend Lease") and General Property Trust ("GPT") joint venture as the successful partner with the Department of Infrastructure, Planning and Natural Resources ("DIPNR") and Landcom to deliver the Rouse Hill Regional Centre in Sydney's north-west corridor, valued at over A\$1 billion, following signing of the Project Delivery Agreement.

The proposed Rouse Hill Regional Centre will set new benchmarks for environmentally and socially sustainable communities and includes over 1,500 residential lots, a mixed-use town centre, and improved transport infrastructure, to be developed over a 10-year period.

Additional features include commercial, educational, recreational and community facilities. An awareness of social and environmental interaction underpins all aspects of the design.

The announcement concludes six months of successful negotiations between DIPNR, Landcom, Lend Lease and GPT, following the shortlisting of the Lend Lease and GPT joint venture in February this year.

Chief Executive of Lend Lease in Asia Pacific, Ross Taylor, said the joint venture is a milestone in the Lend Lease/GPT relationship.

"The two parties together are able to get the most from each other's strengths. We're delighted to be extending beyond our retail, commercial and industrial successes into the type of mixed-use community that Rouse Hill Regional Centre will be," he said.

"This joint venture extends the development pipeline of both organisations and is a model for future opportunities.

"Working with GPT goes beyond the strict contractual boundaries of the joint venture. Our organisations can rapidly mobilise the right skills, imagination and solutions.

"This multi-dimensional project is ideal for Lend Lease's skill-set which has been recognised by the New South Wales State Government. It presents an excellent opportunity to showcase our full spectrum of capabilities," Mr Taylor said.

Works are currently scheduled to commence by late 2004, following approval of the proposed masterplan.

For more information visit www.rhrc.com.au

3 OCTOBER 2003

Additional Information

Project Overview

The Rouse Hill Development Area is located in the strongly growing north-west corridor, which has been identified by the NSW Government as a major corridor for Sydney's expansion. In line with this strategy, the Department of Infrastructure, Planning and Natural Resources (DIPNR) and Baulkham Hills Shire Council have planned for a major regional centre that will offer community, retail, commercial, educational and recreational activities to residents and visitors.

The Rouse Hill Regional Centre consists of approximately 100 hectares of land located along Windsor Road at Rouse Hill in the Baulkham Hills Local Government Area. It is approximately 8 kilometres north-west of the Castle Hill CBD and 10 kilometres northeast of the Blacktown CBD, bounded by Windsor Road on the western boundary, south of Commercial Road.

The Blacktown and Baulkham Hills municipalities, which comprise the major proportion of the north-west corridor, currently account for 15% of Sydney's population growth and include some of Sydney's fastest growing suburbs. Population is forecast to grow at 4% pa for the region and 7% pa in the primary retail trade area through to 2011.

Masterplan

When complete, the Rouse Hill Regional Centre will have a value in excess of \$1 billion, and will incorporate the major retail, commercial and community facilities for the area, as well as providing a range of housing options, with 1,500 residential lots/dwellings to be developed over the course of the development.

Key features of the proposed Rouse Hill Regional Centre include:

a mixed-use Town Centre incorporating retail marketplace, bulky goods retail and commercial uses
several learning providers
community facilities, including a library, child care centre, formal and informal recreation areas
a range of housing options
improved transport infrastructure, including road upgrades and the bus transit way network.

The refined masterplan for the development is expected to be submitted to Baulkham Hills Council and other authorities for consents in the next few months, with development commencement targeted for the second half of 2004.

Community Partnership

In order to deliver the social and environmental sustainability aspirations of this project, leading community organisations are working with the joint venture partner. Lend Lease will work closely with DIPNR, Landcom and Baulkham Hills Shire Council, as well as other partners including Macquarie University, The Smith Family, Planet Ark, Hawkesbury Harvest and Wesley Mission to turn the vision for Rouse Hill Regional Centre into a reality.

The goal is to ensure a broad spectrum of community input to deliver a thriving regional centre that is liveable and long-lasting.

Joint Venture

Lend Lease has entered this project in a joint venture arrangement with GPT. The project will utilise the services of Bovis Lend Lease and Lend Lease's integrated development business including Delfin Lend Lease.

The joint venture arrangements for the development of the Rouse Hill Regional Centre gives Lend Lease a 51% interest in the project and GPT a 49% interest in the project, which will be undertaken through a Joint Venture Company.

The joint venture includes provisions dealing with a change of control of both parties. Under these provisions, a change of control of either GPT or GPT Management Limited (including a non Lend Lease company becoming responsible entity) gives Lend Lease a call option to acquire GPT's interest in the project. GPT has a call option to acquire Lend Lease's interest in the event of a change in control of Lend Lease Corporation. In each case the consideration payable will be determined by reference to expert determined market value.

The Rouse Hill Regional Centre is the first project to be undertaken under an alliance between Lend Lease and GPT under which Lend Lease's integrated development business and GPT will jointly pursue masterplanned urban community developments which meet agreed investment criteria.

ENDS

Contact: Roger Burrows Lend Lease Corporation Tel: 02 9236 6116

Nikki Genders Lend Lease Corporation Tel: 02 9236 6180

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GPT GROUP Regulatory Filings 2003

65009_rns_2003-10-02_05364ec4-1dd7-4231-917f-d8d087a4af64.pdf

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